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Mainstreet Property Group Acquires 13 Assisted Living Properties

By Rhett Butler | March 25, 2013

Zeke Turner

Mainstreet Property Group, one of the country's largest developers of seniors housing properties, has announced their HealthLease REIT fund having acquired some 13 senior housing and care properties located in North Carolina, Pennsylvania and Virginia for $141.7 million.

According to the news, the buy is comprised of four nursing facilities consisting of 355 units, eight combination assisted living communities, and one standalone Alzheimer facility. Zeke Turner (above left), Chairman and CEO of Mainstreet and HealthLease, had this to offer on the company's news:

"The acquisition of these newly-built or newly-renovated properties greatly enhances our scale and diversification with respect to health care product mix and geography, in addition to lowering the average age of our portfolio properties to approximately 6 years. It continues our expressed strategy of building a portfolio of high-quality care facilities, leased under triple-net structures, to leading national operators."

On completion of the acquisition, HealthLease Properties REIT's portfolio will have increase to a total of 28 facilities comprised of 2,909 units geographically diversified across five states and in two Canada provinces. The video below tells more ab out Mainstreet, but for even more information on the news please read the original press release, or contact: 

Kate Snedeker, 317-420-0205, [email protected]

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