Mainstreet finalizes sale of Wellbrooke of Avon to affiliated healthlease properties REIT
Oct 2 2013
CARMEL, IN…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.