Diversicare Healthcare Services Inc Acquires St. Martin's In The Pines For $9M

Diversicare Healthcare Services Inc., through its entity Pines Birmingham PropCo LLC, has acquired a 10-acre multifamily property located at 4941 Montevallo Road in Birmingham, AL. The property, which houses St. Martin's in the Pines, a transitional care facility, was sold by the Episcopal Foundation of Jefferson County for $9 million. The property has a total square footage of 140,000, resulting in a price per square foot of $64.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $9,000,000
• Address: 4941 Montevallo Road, Birmingham, AL
• Market: Birmingham, AL
• Buyer: Steve Nee - Diversicare Healthcare Services Inc
• Seller: Episcopal Foundation
• Square Footage: 140,000
• Price per Square Foot: $64

Steve Nee, representing Diversicare Healthcare Services Inc, facilitated the acquisition of the property. The purchase of this 10-acre multifamily property expands Diversicare's portfolio in Birmingham. The sale was completed on November 17, 2023, and signifies a strategic move for both parties involved.