A joint venture between MedProperties Holdings LLC and The LaSalle Group Inc. is developing 37,500 square foot, 54-bed memory care communities in Overland Park, Kan.; Alpharetta, Ga.; Greenville, S.C.; and Estero, Fla. The Autumn Leaves communities, which will be similar to the residence pictured above, are expected to be completed in about 12 months.
Private equity firm MedProperties Holdings LLC is partnering with The LaSalle Group Inc. to develop four memory care communities in Kansas, Georgia, South Carolina and Florida
DALLAS, Jan. 21, 2015 – Most real estate investment funds take months or even years to be fully funded and deployed. But if the fund sponsor has a winning track record, a proven partner and already identified high-potential projects, that process can be condensed to a matter of weeks.
Such was the case with MedProperties Senior Housing Fund I LP. Launched in late November 2014, the investment vehicle was fully funded by November and was fully deployed before the end December.
After the profitable performance of its first two investment funds and its successful previous joint ventures with The LaSalle Group Inc., MedProperties Holdings LLC was able to quickly raise the funds necessary to develop four more memory care communities in partnership with the Dallas-based senior housing operator. The new projects – to be developed in Overland Park, Kan.; Alpharetta, Ga.; Greenville, S.C.; and Estero, Fla. – are slated to open in about 12 months.
“The four new memory care communities presented a great opportunity for MedProperties and its investors. But we needed to move quickly, and we had already reached our allocation of senior housing projects in our second fund,” explains Darryl E. Freling, Managing Principal of Dallas-based MedProperties Holdings.
“So we decided to quickly create a new, dedicated senior housing fund specifically to invest in these four projects. Fortunately, thanks to the strong performance of our first two funds, investors quickly responded and this new investment vehicle was fully funded by November.”
All of the memory care communities will be one story, 37,500 square feet with 54 beds and be operated by LaSalle under its Autumn Leaves brand.
MedProperties Holdings Managing Principal Roman J. Kupchynsky II said that all of the communities will benefit from excellent, high-visibility locations where there is significant demand for memory care services.
“All four cities are perfect locations for a new Autumn Leaves community,” said Mr. Kupchynsky. “The cities are well established, upscale and centrally located. In addition, the surrounding area demographics are very favorable to this type of community.”
Autumn Leaves of Overland Park will be located at the southeast corner of 127th Street and Pflumm Road in Overland Park, which is part of the Kansas City, Mo., metropolitan area. The site is located immediately adjacent to the prestigious Nottingham by the Green Golf Course community and within three miles of Overland Park Regional Medical Center and the University of Kansas Cancer Center. Due to its convenient location within Overland Park, the new memory care community is expected to attract residents from the neighboring suburbs of Lenexa, Leawood and Olathe.
Autumn Leaves of Windward will be located in Alpharetta, a northern suburb of Atlanta, at the northwest corner of Webb Bridge Point and North Point Parkway, a major business corridor. This area is also home to the Windward Planned Unit Development, which already includes the Windward Golf and Country Club. Large numbers of people are moving to the area, and with the Windward development underway, the demand is expected to increase even more.
Autumn Leaves of Greenville will be located in the Haywood Mall and Pelham Road area, which is centrally located within Greenville. The site also benefits from being two minutes’ drive to the Greenville Health System Medical Campus and the Bon Secours St. Francis Health System Campus, and from being close to Interstate 385.
Autumn Leaves of Estero will be located on U.S. Highway 41 in a 12,800-acre master-planned development across from the planned upscale Coconut Point Mall. The community will be the first memory care residence in Estero, which is a popular retirement destination. Estero is also located in Lee County, Fla., one of the fastest growing counties in the country.
MedProperties Senior Housing Fund I LP was such a success that the firm is already making plans to launch another dedicated senior housing fund later this year.
MedProperties’ first $50 million discretionary investment fund was successfully deployed into 12 investments in 19 healthcare facilities, and its second investment fund, the $150 million MedProperties Investment Partners LP, has invested in eight facilities to date.
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, MedProperties Investment Partners LP, and MedProperties senior Housing Fund I, 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 42 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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