Mainstreet Completes Multi-Million Dollar Deal
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based Mainstreet Property Group has finalized the sale of a 100-unit central Indiana senior care facility to an affiliated trust. The $17 million deal with Canada-based HealthLease Properties Real Estate Trust involves the Wellbrooke of Avon. September 4, 2013
News Release
CARMEL, Ind. – Carmel-based Mainstreet Property Group, one of the country's largest and most innovative developers of seniors housing and care properties, has finalized the sale of Wellbrooke of Avon, its newly-built, fully-leased, 100-unit seniors housing and care facility, to Toronto-based HealthLease Properties Real Estate Trust (HLP.UN).
The facility is leased on a triple-net basis to Life Care Services, a leading provider of seniors housing and care with retirement communities serving over 28,000 residents in 29 states. Mainstreet has sold the property for its appraised value of $17,130,000.
“The completion of Avon is a reflection of our momentum and our vision to transform the industry by building high-quality facilities focused on less hospital, more hospitality,” stated Zeke Turner, Chairman and CEO of Mainstreet Property Group. “We are very proud to continue to innovate and build facilities focused on the needs and wants of the Boomer generation.”
This health care resort in Avon is comprised of 100 units; 70 are licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 provide assisted living. This Next Generation facility is a hallmark of Mainstreet's market-leading approach to health care property design and development. Next Generation designs offer hotel-like properties that transform seniors housing and care into a hospitality experience by incorporating concierge-based services. The designs specifically cater to the evolving demands of the growing senior population.
On Thursday, September 19, Wellbrooke of Avon, 10307 E. County Road 100 North, will have a public open house from 3 to 6 pm.
About Mainstreet Property Group
Indiana-based Mainstreet Property Group, one of the most-innovative developers of health care real estate in the United States, focuses on developing desirable, concierge-based health care properties with a hotel-like atmosphere for a variety of short-term and long-term needs. The company's innovative and industry-leading Next Generation designs meet the demands of the Baby Boomer, including communities with multiple social destinations, restaurant-style dining, spacious private rooms and baths, and therapy/wellness. Mainstreet was named to the Inc. 500/5000 list of fastest-growing companies in 2010, 2011, and 2012. For additional information, visit www.mainstreetcap.net.
Source: Mainstreet Property Group