AdCare Health Systems Closes Sale of Arkansas Portfolio

The Arkansas assets changed hands for $55 million.

by Gabriel Culcsar

AdCare Properties Map

AdCare Properties Map

AtlantaAdCare Health Systems, a self-managed healthcare real estate investment company that focuses on investments in real estate purposed for senior living and long-term healthcare, recently completed the $55 million sale of its nine Arkansas properties to Skyline Healthcare.

The buyer, also the current operator of the facilities, paid $52 million in cash and a $3 million promissory note for the assets.

The cash proceeds from the sale will be utilized by AdCare for general corporate purposes such as repayment of mortgage or other debt. Moreover, the company anticipates filling a Form 8-K with SEC with additional details related to the deal.

Image courtesy of AdCare Health Systems