CARMEL, Ind. — Seniors housing developer Mainstreet has acquired a portfolio of 10 skilled nursing communities in the Chicago area, as well as controlling interest in publicly traded Canadian real estate company Kingsway Arms Retirement Services (KWA).
The KWA acquisition is subject to shareholder approval in early 2016. If approved, the company would change its name to Mainstreet Health Investments. The transaction is part of Mainstreet’s long-term plan to build a portfolio of Canadian properties. It will represent Mainstreet’s re-entry into the market after selling its entire Canadian portfolio to Health Care REIT, now known as Welltower, for $950 million in 2014.
Upon shareholder approval, Mainstreet’s CEO Zeke Turner would also be named as Mainstreet Health Investment’s chairman and CEO. Other executives for the renamed company would include Scott White as president, Scott Higgs as CFO and Adlai Chester as chief investment officer.
The Chicago portfolio that Mainstreet acquired comprises 2,305 beds, and Mainstreet intends to acquire an 11th property in early 2016. Symphony Post-Acute Network operates the communities. Adam Heavenrich, managing director of Heavenrich & Co., represented Symphony in the transaction.