Commercial real estate firm MedProperties Holdings LLC is partnering with the LaSalle Group Inc. to develop the 46-bed Autumn Leaves of Gurnee, Ill., about 40 miles north of Chicago.
The community, Autumn Leaves of Gurnee, which will be similar to the building pictured above, is expected to be completed in about 12 months.
GURNEE, Ill., July 9, 2014 – The Village of Gurnee, about 40 miles north of Chicago, markets itself as “The Community of Opportunity.” A joint venture between MedProperties Holdings LLC and The LaSalle Group Inc. clearly agrees. Recognizing an opportunity to meet the community’s growing need for a new memory care facility, the partners recently began construction of the 46-bed Autumn Leaves of Gurnee. The one-story, 27,000 square foot residential care community will be located on 11.6 acres on the east side of Hunt Club Road, about one mile west of the U.S. Interstate 94 and Grand Avenue interchange, about midway between Chicago and Milwaukee. The memory care community will be operated by Irving, Texas-based The LaSalle Group under its Autumn Leaves brand.
Perhaps best known for its Gurnee Mills retail mall and Six Flags Great America amusement park, Gurnee gave The LaSalle Group plenty of reasons to want to plant its own flag there, according to MedProperties Holdings Managing Principal Darryl E. Freling.
“Gurnee is the perfect location for a new Autumn Leaves community,” Mr. Freling explains. “The city is well established, upscale and centrally located. In addition, there is an under-supply of memory care residences in the area and the surrounding demographics are very favorable to this type of community.”
“MedProperties has underwritten and invested with The LaSalle Group on a number of other Autumn Leaves communities, and we have always been impressed with their strong track record of memory care facility development and operating performance,” adds MedProperties Holdings Managing Principal Roman J. Kupchynsky II. “We are pleased to partner with a company that is considered ‘best in class’ within the industry.”
The Autumn Leaves of Gurnee project is MedProperties’ fourth investment with The LaSalle Group and the eighth in its second investment fund, the $150 million MedProperties Investment Partners LP. It’s also the two companies’ second project in the Chicago area; construction is also underway on an Autumn Leaves memory care community in the suburb of Glen Ellyn.
Construction of The Autumn Leaves of Gurnee is scheduled to be completed in May 2015. TCF National Bank is providing construction financing, and The LaSalle Group is serving as the architect and developer.
MedProperties Holdings LLC is a Dallas-based healthcare real estate private equity firm with offices in Greenville, S.C., that provides qualified developers and owner/operators with a consistent source of equity investment for the development of new, or value-added acquisitions of existing, healthcare-related real estate projects, including both multi-tenant medical office buildings and single-tenant, specialty facilities, as well as selected senior housing communities. MedProperties invests through its discretionary funds, MedProperties Capital Partners LP and MedProperties Investment Partners LP, and is dedicated solely to healthcare real estate. For further information on MedProperties, please visit www.medpropertieslp.com.
About The LaSalle Group
The LaSalle Group, located in Irving, Texas, is a recognized leader in the senior living industry. Using their affiliate companies, they provide a total package: real estate development, finance, construction and management of innovative Autumn Leaves memory care communities. With more than 30 Autumn Leaves communities open or under construction in Texas, Oklahoma, Illinois and Georgia, The LaSalle Group is growing at a smart, steady pace. For more information about its business, companies and current projects, call (800) 452-7255 or visit www.LaSalleGroup.com.
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