RICHFIELD, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of Pine Valley Care Center, a 96-bed skilled nursing facility located in Richfield, approximately 20 miles south of Cleveland.
A partnership between a public REIT and national operator sold the property as part of a portfolio repositioning property. An owner-operator looking to expand in the region purchased the asset for an undisclosed price.
Formerly a perennial CMS Five-Star-rated facility specializing in memory care, the facility recently encountered regulatory issues and subsequent census challenges. As the operations rebounded, Blueprint positioned the offering as an opportunity to capture revenue upside with an increased Medicaid reimbursement rate.
Connor Doherty, Ben Firestone and Michael Segal led the Blueprint team.