11 Assisted Living/Skilled Nursing Homes in MD, NC & TN Up for Auction May 30 by Tranzon

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OCALA, Fla., May 7 /PRNewswire/ — An answer to a number of America’s graying population needs comes in the May 30 sealed-bid auction of 11 assisted living/skilled nursing facilities in Maryland, Tennessee and North Carolina — a state with a moratorium on new assisted living centers.

Continuum Care Corporation, a non-profit group which filed for Chapter 11 bankruptcy protection in October of 2004 in the Southern District of Florida, owns the facilities.

“Nine of the properties are operational. Ideally, these will be sold as ongoing business concerns, either together or individually, along with the two closed locations,” says court-appointed trustee Soneet Kapila.

The Ocala, FL office of Tranzon Driggers will receive the sealed bids – due by 2:00 p.m. EDT on Wednesday, May 30 – and manage the auction in tandem with the northern VA office of Tranzon Fox. Both are member companies of Tranzon, LLC, a nationwide group of accelerated marketing and auction companies.

“The aging population in combination with recent restrictions on issuance of new facility licenses makes these facilities especially valuable expansion opportunities for growing companies in the assisted living and skilled nursing arena,” says Stephen Karbelk, regional president of Tranzon Fox.

According to Karbelk, all but one of the Continuum Care properties are assisted living residences.

The sole rehabilitation/skilled nursing center is the 130-bed facility in Sykesville, MD. More than a half-million in renovations were invested in Continuum Care at Sykesville within the past year. Last year, the facility earned the highest rating for a facility of its size in the state in a Maryland Health Care Commission Nursing Home Family Satisfaction Survey.

North Carolina assisted living homes owned by Continuum Care are located in Elizabeth City, Wallace, Lillington and Garland. Three are operational; two are closed. The largest is Harbour’s Edge, a 130-bed adult care home ideally situated in the historic southern town of Elizabeth City in the midst of a medical office park.

Wallace Gardens, licensed for 64 beds, sits about 30 miles from Wilmington in Wallace, NC. It has undergone renovations, as has Pinecrest Gardens, a 60- bed licensed facility in mint condition with a separate special-care secured unit. Pinecrest, in Lillington, NC, adjoins Knollwood Gardens, another 40-bed adult care home that currently is closed, as is Thompson Care Center, in Garland, NC.

In Tennessee, all of the assisted living centers have undergone extensive renovations; many have the outward appearance of stately southern residences.

Johnson City, TN has two adult care homes – I and II – located side-by- side and licensed for 26 and 32 beds. Continuum Courtyards of Knoxville I and II, licensed for 28 and 32 beds, are beautifully maintained in a quiet residential section of Knoxville, TN close to local shopping. Knoxville I has a secured unit for its special care residents and underwent remodeling in 2003; Knoxville II offers more independent living.

Continuum Courtyards, licensed for 32 beds, sits next to a golf course in a wealthy subdivision of Oakridge, TN north of Chattanooga, and has private- pay residents enjoying the services of a staff events director.

“All the properties have their own different intrinsic values,” says Kapila. “We’re not married to selling them as a block, but will entertain proposals that provide the best solutions and maximum value for the estate.”

For more information contact Meg Vavrick, buyer manager, at (703) 539-8644 or [email protected]. Log on to http://www.tranzon.com/.

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