Sale of a non-profit healthcare campus located in downstate Illinois
The transaction was executed on behalf of Arkansas-based General Baptist Health Care, an owner-operator seeking to exit its only operation in the state
The campus is made up of two adjacent healthcare buildings: Oakview Heights, a 90-bed skilled nursing and long-term care facility, and Oakview Villa, a 38-bed supportive living facility offering affordable assisted living services. Since acquiring the property in 1981, ownership continuously expanded the property, adding a secure memory care unit, rehabilitation facility, and supportive living building. Oakview established a stellar local reputation as the premier regional provider for healthcare services and was awarded a Five-Star rating by CMS for quality of care in 2018. Benefiting from limited competition and its proximity to the local hospital, the operator maintained stable performance and positively-trending cash flow.
Selected to run the sale process for its Illinois track record and sensitivity to the organization’s mission, Blueprint’s confidential marketing campaign yielded multiple qualified offers. Blueprint and the seller ultimately identified CareTrust REIT, Inc. and its regional operating partner, WLC Management Firm, as the ideal counterparties to not only realize maximum asset value, but also move quickly through the transaction process with the ability to transition operations with limited disruption. Blueprint worked diligently with all parties, proactively addressing and expeditiously resolving matters head-on to close the transaction in less than 45 business days following offer acceptance. Mission accomplished.
The purchase price translated to approximately $70,000 per licensed bed.