Culling the Collection in Connecticut
Sale of two SNFs in New England
Blueprint continues to leverage strong regional expertise and executes another skilled nursing transaction in southern New England
Following the late 2017 acquisition of a portfolio of 10 skilled nursing facilities represented by Blueprint, the acquirer became the client by exclusively engaging Blueprint to represent two of the assets within that portfolio for sale.
The facilities were identified by the real estate owner, a private investment group based in New York City, and operator as non-core and thus slated for disposition.
The two facilities total 197 licensed beds, are separated by 86 miles, and represent two distinct markets in Connecticut, the New York City metro area and the Hartford metro area.
At four and five stars respectively, the facilities produced approximately $16 million in revenue at the time of marketing, though were experiencing declining operating margins year-over-year.
Blueprint’s marketing process focused on value-add investors familiar with the operating complexities of the State of Connecticut, as well as experience navigating the union collective bargaining agreement in place at both facilities. With guidance from Blueprint, the client ultimately selected a Connecticut-based acquirer with an existing operating presence in the state.
The complex transaction was further complicated by the onset of the COVID-19 pandemic, which brought challenges related to access, diligence, licensure, and transition. However, all parties remained pragmatic and committed to see it through to closing.