The new Gainesville Health Care Center will replace the current four-story facility and allow for all rooms to be located on one modern level. Construction is expected to be completed in 12 to 14 months.
MedProperties Holdings and Equity Inc. will soon start construction on the 180-bed, 97,000 square foot Gainesville Health Care Center, which will replace the current facility
GAINESVILLE, Fla., April 16, 2014 – MedProperties Holdings LLC and Equity Inc. are partnering to build a replacement skilled nursing facility for the Gainesville Health Care Center at 4816 S.W. Archer Road in Gainesville, about four miles southwest from the current facility. The 97,000 square foot, 180-bed facility will be jointly owned by MedProperties and Equity and 100 percent leased by the non-profit Gainesville Council on Aging. The new facility will offer short-term rehabilitation in addition to long-term care, memory care, palliative care and hospice care.
This will be MedProperties’ third transaction with Equity and its seventh investment for its second investment fund, MedProperties Investment Partners LP.
The new Gainesville Health Care Center will occupy 13.3 acres of a previously undeveloped 28-acre site near Interstate 75.
“A new skilled nursing facility is really needed in this growing community,” says MedProperties Managing Principal Darryl E. Freling. “The current facility is older and all services and rooms are spread out on four floors. We’re going to provide a beautiful, modern, efficient facility with all of the rooms on one convenient level to help the Gainesville Council on Aging continue to provide the highest level of nursing care to local residents. We’re also pleased that the large 28-acre site will allow us to consider additional healthcare real estate development in the future.”
“This is a really good investment for MedProperties and its investors,” says MedProperties Managing Principal Roman J. Kupchynsky II. “The current skilled nursing facility has had more than a decade of profitable operations and has been run by a well-respected local non-profit. In addition, the new facility will be located near other medical facilities, including the University of Florida Shands Hospital which has an excellent working relationship with the Gainesville Council on Aging. We expect that relationship will probably expand in the future as part of the growing trend of hospitals forging closer ties with post-acute providers to reduce readmissions.”
“All new skilled nursing facility beds in Florida need to be state-approved under Certificate of Need (CON) laws, which can be an arduous process,” says Equity Chief Executive Officer Steve Wathen. “We’re pleased to have completed all of these initial steps and be on our way to developing what will become an important community asset for the physicians and citizens alike. The CON process also limits potential future competition for MedProperties and its investors.”
Construction of the new Gainesville Health Care Center is expected to be completed in 12 to 14 months.
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, 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 Equity
Equity is a full service commercial real estate firm offering complete, professional real estate development, brokerage, construction and property management services. Equity is headquartered in Columbus, Ohio, with offices in Cincinnati and Dayton, Ohio, and Naples, Orlando and Tampa, Fla. Equity uses its healthcare consulting, operational and construction expertise to identify and execute on ground-up and value-add opportunities. Equity has a successful track record of bringing hospitals and physicians together around sound leasing and ownership solutions. Equity’s mission is to provide its services with absolute integrity, quality and value. Equity’s high level of repeat business with both hospital systems and physician groups speaks to the success of Equity’s approach and its enduring values. Equity offers responsive and competitive service throughout the United States. To learn more, please visit www.equity.net.
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