Mainstreet finalises sale of Wellbrooke of Avon to Affiliated HealthLease Properties REIT
Mainstreet Property Group has finalised 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.
The facility is leased on a triple-net basis to Life Care Services, a 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 USD17,130,000.
"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," says Zeke Turner, chairman and chief executive 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 healthcare 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. The Next Generation facility offers 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.