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HealthLease Properties REIT acquires five senior housing and care properties

HealthLease Properties Real Estate Investment Trust has acquired five senior housing and care properties.

The properties include the Smith Packet III (SP III) portfolio of properties and a newly-built, triple-net leased, 100-unit seniors housing and care facility from Mainstreet Property Group, called Wellbrooke of Kokomo.
The SP III portfolio consists of four US properties totalling 365 beds, including one property each in Virginia and Pennsylvania and two in North Carolina, with a purchase price of USD49.4 million. The portfolio is triple-net leased and operated by Saber Healthcare Group.
"We are very pleased to announce these acquisitions, which demonstrate our ability to execute on two components of our growth strategy," says Zeke Turner, chairman and CEO of the REIT. "One is to identify and acquire high quality facilities managed by strong operators, and the second is to add pre-leased properties to our portfolio through our relationship with Mainstreet Property Group, the leading developer of Next Generation transitional care facilities."
Located in Indiana, Wellbrooke of Kokomo was acquired under the REIT's pre-existing development agreement with Mainstreet, which provides the REIT with a right to acquire any seniors housing and care properties developed by Mainstreet. The facility is leased on a triple-net lease basis to Life Care Services, a US provider of seniors housing and care, with retirement communities serving over 32,000 residents in 31 states. HealthLease acquired the property for an aggregate purchase price of USD17.9 million.

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