DALLAS — A joint venture between MedProperties Holdings LLC and The LaSalle Group Inc. is developing four 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.
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 four new memory care communities presented a great opportunity for MedProperties and its investors,” says Darryl E. Freling, managing principal of MedProperties Holdings. “But we needed to move quickly, and we had already reached our allocation of senior housing projects in our second fund. 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.