Sale of 160-bed skilled nursing facility in Milwaukee, Wisconsin
Blueprint is pleased to announce the successful sale of Lake Terrace Health and Rehabilitation Center, a 160-bed skilled nursing facility in Milwaukee, Wisconsin. Blueprint executed the transaction on behalf of a public REIT seeking to divest of the non-core asset.
Built in 1965 and renovated in 2011 to offer additional private rooms, Lake Terrace Health and Rehabilitation Center is situated just a few blocks from one of the largest full-service hospitals in the Milwaukee MSA.
The facility had experienced regulatory challenges including being designated to the CMS Special Focus Facility program in 2014, which resulted in third-party management taking over operations in September 2015.
It wasn’t until mid-2017 when the licensed operator placed a renewed focus on census improvement and cost controls that operations and cash flow began to show improvement.