Galleria Woods sale finalized

Baptist Health System (BHS) of Birmingham reached an agreement to sell Galleria Woods Retirement Community to American Retirement Corporation (ARC). The transaction was finalized Jan. 31.
   
“We are very pleased to find a new partner of American retirement Corporation’s caliber and reputation,” said Mark Bryan, chief operating officer for BHS in a statement released Feb. 1. 
   
BHS, as part of the restructuring initiated in 2003, has been redirecting resources and selling some of its retirement centers and other assets. The system began seeking a new direction for Galleria Woods in March 2004. The community is located in Birmingham and has 129 apartment residences and 25 garden cottages. 
   
Bryan noted that during the process of seeking a buyer for Galleria Woods, Baptist has sought a buyer that would “maintain the high standard of quality that has been established” at the retirement community.
   
“The quality and reputation of ARC demonstrates that they will be good stewards of the Galleria Woods community,” Bryan said.
   
Currently, ARC owns two facilities in Alabama — Somerby at University Park in Birmingham and Somerby at Jones Farm in Huntsville.
   
For more than 25 years, ARC has been involved in the development, management or ownership of more than 350 senior living communities.
   
Baptist Health has owned and operated Galleria Woods since 1991. BHS is a faith-based, not-for-profit ministry of the Birmingham Baptist Association that includes hospitals, senior housing facilities, home care programs and fitness centers across north and central Alabama. (TAB)