The Well-Spring Group has entered into an agreement with Cone Health to acquire The Village at Brookwood, a 47-acre CCRC in Burlington, North Carolina. Building finished in 2003, and the community consists of 110 apartments in a five-story building; 45 one-story garden homes; and a health care center with 48 rooms licensed for assisted living, memory care, and skilled nursing care. The community was originally designed to accommodate about 340 residents, and current census is reported to be 247 residents, placing occupancy around 75%. The community offers living options from $2,339 to $4,453.
Back in mid-2001 when construction began, The Village was financed through a North Carolina Medical Care Commission tax-exempt bond issue (2001 Series A, B and C) in the amount of $58,060,000. The terms of the current deal were not disclosed. Pending regulatory approval, the sale will be completed in June.
Well-Spring has managed The Village since August 2017 and will continue operating the community as a not-for-profit and plans to expand the number of living units and reposition existing health care units shortly after the transaction completes. The Well-Spring Group comprises Well-Spring, a CCRC in North Carolina; Well-Spring Solutions, offering home- and community-based services including adult memory and day care; and PACE of the Triad.
