AdCare Property Holdings, LLC, a subsidiary of AdCare Health Systems, Inc., has agreed to purchase three Alabama senior care facilities for $9.5 million.
AdCare will acquire Park Place Nursing & Rehabilitation Center located in Selma; Homewood of Selma; and Homewood of Greenville.
In accordance with the agreement, AdCare Holdings deposited $250,000 into escrow, which will be retained by the sellers and applied against the purchase price.
The closing of the Alabama portfolio is expected to occur Dec. 31, 2012. The deal is subject to customary closing conditions.
Written by Jason Oliva