SHAKER HEIGHTS, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of Shaker Gardens, a 172-unit assisted living and skilled nursing facility in Shaker Heights.
A private investment firm sold the property to a New York-based private owner-operator for $13.5 million. The property marks the buyer’s entrance to the Ohio market.
Located in an upscale suburb of Cleveland, Shaker Gardens features 122 assisted living beds and 50 licensed skilled nursing beds.
The seller acquired the property as a value-add opportunity and recently completed renovations at the property. Between the improved community and the arrival of a new commercial development nearby, occupancy climbed to 85 percent.
Ben Firestone, Michael Segal and Connor Doherty of Blueprint arranged the transaction.