Park Place sold for $8.75 million
Published 9:47 pm Wednesday, July 12, 2017
Park Place Nursing and Rehabilitation Center has been purchased by a Tennessee healthcare company.
Diversicare Healthcare Services Inc. purchased the 103-bed skilled nursing center effective July 1 for $8.75 million from Park Place Nursing and Rehabilitation Center, L.L.C.
“We are pleased to announce the purchase of the real estate and operations of Park Place in Selma,” said Kelly Gill, the company’s chief executive officer, in a statement about the acquisition.
“This center is an excellent addition to our portfolio of owned properties, and we are excited about our expanded presence in the state of Alabama.”
The purchase of Park Place brings the number of centers operated by Diversicare up to 77. According to the company, the center is expected to contribute more than $8 million in annual revenue.
“This acquisition was the 47th we have completed since we began our focused expansion and is the 11th acquisition that included the purchase of the real estate,” Gill said in a statement.
“As such, we now own the real estate for 18 of our 77 centers. Looking at our current geographical footprint, we have the opportunity for a seamless integration process by our operations team.”
The company owns centers in 10 states, and according to Tricia Bartlett, vice president of sales and marketing. The addition of Park Place brings the total number of centers in Alabama up to 19.
“It’s a wonderful center. We’re pretty excited about having them join the Diversicare family,” Bartlett said. “The center has a wonderful reputation in the community, so we were pretty excited about it.”
The company’s website lists centers in Hueytown, Huntsville, Phenix City, Arab, Bessemer, Boaz, Foley, Lanett, Montgomery, Oneonta, Oxford, Pell City, Birmingham, Winfield, Hartford, Mobile and Gadsden.
Bartlett said Park Place will keep its name, and there are no significant changes expected to be made.
“There should be very minimal changes,” she said. “We’ve very experienced in long-term care, short-term care. No significant changes. We’re pretty honored and privileged to assume the care of the patients and residents that live there now.”