HealthLease Properties REIT acquired two newly-built, triple-net leased, 100-unit seniors housing and care facilities from Mainstreet Property Group, LLC. The facilities are leased on a triple-net basis to Trilogy Health Systems, a U.S. provider of seniors housing and care.
The two facilities, Clearvista Lake Campus located in Castleton, Indiana and Arlington Place Health Campus, located in Indianapolis, Indiana are the most recent Next Generation Medical Resorts developed by Mainstreet. Each facility has 100 short-stay rehabilitation suites. These facilities carry on Mainstreet’s vision to transform seniors housing and care into a hospitality experience by incorporating hotel-like amenities and concierge-based services.
Castleton and Arlington were 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. HealthLease acquired the properties for an aggregate purchase price of US$37,425,000.
Mainstreet has informed the REIT that it has a deep pipeline of development opportunities, including eight properties currently under development that will be offered to the REIT upon completion in 2014 with another 12 expected in 2015 and beyond.