CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of seven skilled nursing facilities in northwest Georgia for $70 million.
The sellers, Invesque and its regional operating partner Traditions Senior Management, bought the 726-bed portfolio in 2017, along with interest in a regional pharmacy company. The specific names and locations were not disclosed.
Traditions improved performance at the properties through a combination of reimbursement revenue optimization and cost containment measures. Already generating nearly $50 million in total revenues, the portfolio was set to benefit from the state government’s budget approval that included a statewide Medicaid rate increase, according to Blueprint.
The buyer was a group “eager to acquire this regional portfolio and pharmacy interest in order to establish a new presence in the state,” according to a release from Blueprint. HHC Finance secured acquisition debt for the buyer.
The purchase price equates to approximately $96,418 per bed, a new record for a skilled nursing portfolio in the state of Georgia, according to Blueprint.
Ben Firestone, Christopher Hyldahl, and Michael Segal facilitated the transaction.