The 570-bed portfolio consisted of four properties spanning from southwest Virginia to the East Coast, ranging in size from 60 beds to 300 beds, which also included some seniors housing units at the largest location. Three locations were originally constructed in the 1970s with renovations and upgrades over the years, and one facility was meticulously developed in 2005. The facilities were well-positioned and historically operated with positive margins; however, the ever-changing Virginia Medicaid reimbursement landscape put some recent downward pressure on results creating performance fluctuation.

Blueprint’s marketing process initially produced 14 offers from highly qualified potential buyers, many of which were seeking platform expansion opportunities in Virginia. After several competitive bidding rounds driving value for the seller, a New York-based owner/operator with a considerable presence in the Commonwealth was selected as the ultimate buyer.

Throughout the sale process, Blueprint worked diligently with all stakeholders involved including buyer and sellers counsel to manage the ongoing transaction and proactively resolve any issues that arose. Following the new operator’s receipt of all required regulatory approvals, operations were transitioned and the transaction successfully closed.