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Weekly News Wire | January 31, 2016

Monmouth County New Jersey Sells Two Nursing Homes For $32 Million

On December 31, 2015, the local government of Monmouth County, New Jersey finalized the sale of two county-owned and run nursing homes. The facilities were sold at auction for $32.4 million to Allaire Healthcare Group, LLC and Preferred Care Holdings, LLC. Terms of the sale require the new owners to operate the facilities as nursing homes for at least 10 years, and they must reserve a certain number of beds for Monmouth County residents and Medicaid patients.

Allaire Healthcare Group purchased the 174-bed John L. Montgomery Care Center for $17.4 million. The center includes a nursing . . .

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