Dallas-based real estate firm MedProperties Holdings LLC is partnering with The LaSalle Group to develop the 46-bed, 27,000 square foot Autumn Leaves of Glen Ellyn near Chicago
MedProperties Holdings LLC will build a 46-bed memory care community in the Chicago suburb of Glen Ellyn. The community, Autumn Leaves of Glen Ellyn, is expected to be completed in about 12 months. (Rendering courtesy of MedProperties)
CHICAGO, Sept. 18, 2013 – A joint venture between MedProperties Holdings LLC and the LaSalle Group, both based in Dallas, will soon begin construction of the 46-bed Autumn Leaves of Glen Ellyn near Chicago to meet the area’s growing demand for memory care.
The 27,000 square foot, one-story residential care community will be located at the northwest corner of Geneva and Bloomingdale Roads, an in-fill location in the Village of Glen Ellyn, which is 23 miles west of Chicago and near the west side of Interstate 355. The memory care community will be operated by Irving, Texas-based The LaSalle Group under its Autumn Leaves brand.
MedProperties Managing Principal Darryl E. Freling notes that “Glen Ellyn is one of the area’s nicest communities and is in close proximity to Chicago and other major suburbs, offering easy access to downtown via major highways and Metra commuter rail. It’s the perfect location.”
“It makes a great deal of strategic sense for us to partner on this project with The LaSalle Group because we already have a strong working relationship with them,” MedProperties Managing Principal Roman J. Kupchynsky II adds. “They are a best-in-class operator of memory care communities across the country and have a strong presence in the Chicago area with seventh existing Autumn Leaves locations. We’re looking forward to partnering with them on this one, the eighth.”
Mr. Freling adds: “While MedProperties might be best known for investing in the development or value-added acquisition of medical office buildings or single-tenant healthcare facilities, this development represents a continuation of our strategy to expand our investments into in higher-acuity senior housing assets throughout the Midwest and across the country.”
The Autumn Leaves of Glen Ellyn project marks MedProperties’ second investment with The LaSalle Group and the fourth in its second discretionary fund, the $150 million MedProperties Investment Partners LP.
Construction of The Autumn Leaves of Glen Ellyn is scheduled to begin in about 30 days and is to be completed within 12 months. BMO Harris Bank of Chicago is providing construction financing.
About MedProperties
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. 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 25 Autumn Leaves communities open or under construction in Texas, Oklahoma, Illinois and Georgia, we are growing at a smart, steady pace. For more information about our business, companies and current projects, call (800) 452-7255 or visit www.LaSalleGroup.com. – 30 – MedProperties Holdings LLC 2100 McKinney Ave., Suite 1450, Dallas, TX 75201 (p) 214.661.1000 (f) 214.292.9458
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