ALC to buy 9 senior housing properties for $27.5M
MENOMONEE FALLS, Wis. (AP) - Assisted Living Concepts Inc. said Tuesday it has agreed to buy nine senior housing properties from HCP Inc. for about $27.5 million.
Two of the properties are in New Jersey and the rest are in Texas. They have a combined 365 units and are 60 percent occupied.
The properties are leased and operated by Assisted Living Concepts under leases that expire between 2010 and 2012.
The transaction is expected to close on Oct. 31.
Assisted Living Concepts and its subsidiaries operate 211 senior living residences comprising 9,305 units in 20 states.
Shares fell 31 cents to $30.77 on Tuesday.