by Steve Lubetkin Globest.com
The Hollinger Group, a private owner and operator of assisted living communities, independent living communities and transitional care facilities, has shrunk its property portfolio dramatically with the sale of eleven senior care properties for $83.6 million.
Buying the properties is a private real estate investment trust that plans to partner with two separate senior care providers to manage the day-to-day operations of the eleven properties with a combined 717 beds and 583 units.
The sales process was accomplished in two phases. In February, Hollinger sold five senior care properties in South Carolina and Florida. The second and final phase closed on the remaining six properties in Maryland, New Jersey, Pennsylvania and Virginia.
Post sale, The Hollinger Group and its affiliates will own and operate four properties including a continuing care retirement community in Columbia, SC; an assisted living facility in Kulpmont, PA and a 96-bed transitional care facility in Mechanicsburg, PA.
"When we acquired these eleven properties, all but four were meaningfully underperforming and now all are financially strong and well positioned," says Brad Hollinger, founder and CEO of Vibra Healthcare, LLC and The Hollinger Group. "We felt the timing optimal to realize the embedded value in our portfolio while generating the capital and resources needed to move us into a new strategic direction, primarily the growth of our transitional care model branded VibraLife. The VibraLife model is a continuum concept facility designed and equipped to meet the growing demands for medical rehabilitation, extended skilled care and memory care."
Hollinger says the company plans to build three to five VibraLife facilities annually in markets where it is already operating specialty acute care and specialty acute rehabilitation hospitals.
www.omegare.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.