BRENTWOOD, Tenn.--(BUSINESS WIRE)--AAC Holdings, Inc. (NYSE: AAC), solidified its de novo pipeline of 2016 projects with the purchase, through its subsidiary, Behavioral Healthcare Realty, LLC, of a former convent and a total of 96 acres in Ringwood, New Jersey for $6.5 million in cash. The Company expects to begin renovations and new construction in summer 2015 with a targeted opening of 150 new beds late in the second half of 2016. The Company projects an aggregate investment of $22.5 million or $150,000 per bed.
Approximately 60 minutes from LaGuardia and Newark Airports and close to the New Jersey Botanical Garden and Ringwood Manor, the to-be-named facility will be located on the former Mount St. Francis, which has been home to the Sisters of St. Francis of Philadelphia. The original manor home was constructed in 1861.
Michael Cartwright, Chairman and Chief Executive Officer of AAC Holdings, noted, “This project has been in the works for at least two years. We have worked closely with the state governmental authorities as well as local conservancy groups during the permitting process and are excited to bring Ringwood to fruition. Our plans for expanding and improving the estate and grounds are faithful to the wishes of the Sisters of St. Francis and will respect the majestic nature of the Ramapo Mountains of Ringwood. Being located in the Mid Atlantic region in such a scenic setting, combined with the close proximity to major airports, a large population base, and a material percentage of our existing referral base and outside sales force should make Ringwood one of AAC’s top facilities.”
About American Addiction Centers
American Addiction Centers is a leading provider of inpatient substance abuse treatment services. We treat adults as well as adolescents who are struggling with drug addiction, alcohol addiction, and co-occurring mental/behavioral health issues. We operate eight substance abuse treatment facilities and one mental health facility specializing in overeating disorders. Located throughout the United States, these facilities are focused on delivering effective clinical care and treatment solutions.
Forward Looking Statements
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