MILWAUKEE, Wis. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Lake Terrace Health and Rehabilitation Center, a 160-bed skilled nursing facility in Milwaukee.
The seller was a public REIT seeking to divest of the non-core asset. A Chicago-based investor with a wholly owned operating company in Wisconsin bought the property for an undisclosed price.
Built in 1965 and renovated in 2011 to offer additional private rooms, Lake Terrace is situated just a few blocks from one of the largest full-service hospitals in the Milwaukee area. The facility had experienced regulatory challenges including being designated to the CMS Special Focus Facility program in 2014, which resulted in third-party management taking over operations in September 2015.
It wasn't until mid-2017 when the licensed operator placed a renewed focus on census improvement and cost controls, that operations and cash flow began to show improvement, according to Blueprint. The new operator intends to continue the turnaround effort and establish Lake Terrace as a premier provider in Milwaukee's East Side neighborhood.
Blueprint’s Ben Firestone and Michael Segal led the transaction.