July 20, 2017, Blueprint Healthcare Real Estate Advisors - Blueprint is pleased to announce the sale of Sable Care and Rehabilitation Center in Aurora, CO. The 120-bed skilled nursing facility is favorably located in the Denver metro area, close to the University of Colorado Hospital and CU Anschutz Medical Campus. Blueprint was exclusively engaged by the seller, a publicly traded California based REIT, for which the offering represented a strategic non-core disposition.
A highly selective and confidential marketing campaign positioned the asset as a value-add play in which an operator with synergies in the region and local market could unlock substantial value. At the outset of marketing, trailing twelve month operational performance yielded $5,950,000 in Total Revenue with overall occupancy at 56%. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance.
Blueprint ran a competitive bidding process which resulted in multiple offers from qualified regional and national players. A reputable New York based healthcare real estate investor emerged as the high bidder, and will be leasing the facility to a prominent regional operator with an existing footprint in Colorado.
The purchase price of $5,400,000 was equal to $45,000 per licensed bed. Christopher Hyldahl and Gideon Orion were the lead advisors on the transaction.