BOSTON — Blueprint Healthcare Real Estate Advisors has arranged the sale of Advocate Healthcare of East Boston, located across the harbor from downtown Boston.
The 165-bed, five-story skilled nursing facility, originally constructed in 1952 and expanded in 1965, has been a fixture in the Orient Heights neighborhood of East Boston for decades, according to Blueprint.
The exiting owner-operator invested in a substantial renovation of the adult day care services wing as well as general improvements throughout the facility. Additionally, the facility has received a Determination of Need (DON) approval for an extensive renovation project to entirely reconfigure and reposition the property.
Performance at the facility has steadily increased since the emergence from the COVID-19 pandemic with revenues and occupancy at approximately $15 million and 90 percent, respectively, at the time of sale.
The buyer is a New York-based real estate investment firm with significant investments in New England healthcare real estate, which plans to continue with physical plant improvements and focus on continuing operational efficiencies. The price was not disclosed.