Right Down the Pike
Sale of 106-bed skilled nursing and long-term care facility in Pikeville, Kentucky
Blueprint is pleased to announce the successful sale of Signature HealthCARE of Pikeville, a 106-bed skilled nursing and long-term care facility located in Pikeville, Kentucky. Blueprint executed the sale process on behalf of a publicly-traded REIT and a Kentucky-based healthcare and rehabilitation provider, both of which sought to strategically divest of the asset.
Located in Eastern Kentucky’s Pike County, Signature HealthCARE of Pikeville is situated less than one mile from the recently expanded 250-bed Pikeville Medical Center.
The facility was built in 1970, was well maintained, and preserved a positive reputation within the local community.
Although its average census was consistently above 90% and it generated over $9 million in total annual revenues, the facility’s operational cash flow struggled due to rapidly escalating liability insurance costs, a growing challenge for providers in the state.