Personal Healthcare is Buying New Properties
The skilled nursing operator, Absolut Care decided to sale four sites and to focus
only on its core business. The company determined not to renew leases for four
nursing facilities. Absolut Care is selling a pair of 40-bed facilities in Eden
Dunkirk, NY, 120-bed facility in Salamanca and a 100-bed facility in Houghton.
This company is reducing its ownership in the area by a third. The vice
president, Chris Luterek, informed that the company wants to focus only on the facilities
that will remain under their management.
Ephraim Zagelbaum, the founder and owner of Personal
Healthcare, oversaw this opportunity and decided to expand its business, buying
these facilities. The total price of the
purchase was not revealed. It is speculated that Zagelbaum paid $1.3 million
for the Eden nursing facility. The deal for this facility was closed on March
27.
In the past several years, Ephraim Zagelbaum expanded considerably
his business across different locations. He started with a single nursing home
facility and grew his company to 10-plus facilities, with more than 1,300 beds.
The past year, Zagelbaum made another great deal. An article on Biz Journal informs that last year he bought two $16 million
worth nursing facilities in Gowanda and Medina. With the purchase of 160-bed
Gowanda Rehabilitation and Nursing Center and 160-bed Orchard Manor
Rehabilitation and Nursing Center in Medina, he significantly grew his presence
in the region.
Source: Skilled Nursing News.
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