Aug
19

Nice Return on Senior Housing Investment

By
August 18, 2008

By John P. McDermott – The Post and Courier

That’s some recovery.

A pair of Charleston elder-care health centers that were snatched out of the throes of bankruptcy for a relative song six years ago fetched a fairly nice premium earlier this month.

A Tennessee company has paid $13.25 million to buy the 132-bed Trinity Mission Health and Rehabilitation and the 60-bed Trinity Mission Assisted Living as part of its effort to expand into the Lowcountry.

National HealthCare Corp. has renamed the larger skilled nursing home NHC HealthCare-Charleston Health and Rehabilitation. The smaller assisted-living center is now NHC Place-Charleston.

The facilities are at 1900 and 2230 Ashley Crossing Drive in West Ashley.

The seller of the Trinity Mission properties, which combined sit on more than 12 acres near the West Ashley hospital district, also hailed from the Volunteer State.

Cordova, Tenn.-based Mid-South Health Care Associates paid $3.5 million for the two care centers in 2002 after the previous owner, Long Term Care Foundation, went bankrupt. At the time the facilities had been operated as Ashley Crossing and Ashley Terrace.

ARTICLE SHORTENED DUE TO LENGTH….


LINK TO ARTICLE HERE:

http://www.charleston.net/news/2008/aug/18/nice_return_on_investment51229/
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