BOARDMAN, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of Commons at Greenbriar, a 50-unit assisted living community located in the Youngstown suburb of Boardman.
Built in 1996 adjacent to a skilled nursing facility owned by the seller, Commons at Greenbriar was designed to offer lower acuity, assisted living services in a residential setting and serve as a referral source for the neighboring nursing facility. Occupancy struggled to keep up with the local average as new competitors entered the market, resulting in steadily declining revenues per unit and operational cash flow. As a result, the sale was marketed as a value-add opportunity.
A joint venture between a publicly traded REIT and a national skilled nursing operator sold the property for an undisclosed price.
EDM Management Inc., a property management and consulting services firm headquartered locally in Boardman, was selected as buyer for its local expertise and acquisition track record. The buyer plans to invest in a series of capital improvements and a potential expansion to competitively position the asset among the area's newer competition.
Ben Firestone, Michael Segal and Connor Doherty of Blueprint were the lead advisors on the transaction.