Summit Buys 4 Nursing Centers for $27 Million
Summit Care Corp., a Burbank nursing home operator, said it has bought four nursing care centers in east Texas for $27 million. The purchases bring the total number of nursing homes and assisted-living centers the company owns to 37, representing an addition of 548 beds for a total of 4,708 companywide.
The new centers, which are 90% occupied, include vacant land that Summit said it will use to add buildings with 120 more beds for more acutely ill residents. Summit Care has also struck an agreement to buy the leasehold interest in a 119-bed home in Big Spring, Tex., for $800,000. The company plans to add another 50 beds to this site after the deal closes.
Summit Care has added 2,090 beds since last year in its service areas of California, Arizona and Texas.
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