ARIZONA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-unit “behavioral assisted living” community in Arizona.
A regional developer, owner and operator sold the asset to a private equity firm for $45 million, or $271,000 per unit.
The property was 70 percent occupied, approximately 90 percent of which was Medicaid resident census.
The property was originally built in 1987 as a hotel, though was converted to an assisted living community in 2016 after undergoing a nearly $10 million renovation.
The operator had established a unique relationship with a large healthcare provider within the local market and, as a result of the unique programming offered at the community, the asset at the time of marketing generated $7.1 million in total revenue and $3.4 million in EBITDAR translating to a 45 percent operating margin.
The definition of behavioral assisted living and the specific name and location of the community were not disclosed.