A Mebane real-estate group has spent $2.1 million to buy three properties in Winston-Salem, including a closed nursing-home site at 2900 Reynolds Park Road.
The buyer is TRG Capital LLC. Frank Ascott, listed as managing member of the company, could not be immediately reached for comment.
The sellers are the estate of William Beam, other family members and Willow Cove Properties LLC. The sale was completed Feb. 12, according to a Forsyth County Register of Deeds filing Friday.
The Willow Cove tract was the largest of three land deals, involving 36.5 acres at what was listed at 0 Willow Cove Drive. It contains 16 duplexes, a four-unit building and one single-family home, according to Realtor.com.
The other properties are: a 4.71-acre tract at 2900 Reynolds Park with a 47,000-square-foot building; and a 1.27-acre tract at 2940 Reynolds Park Road.
The 2900 Reynolds Park property had been the subject of several transactions in recent years.
Raintree Healthcare of Forsyth LLC operated Integrity Assisted Living and the Cornerstone Living Center, which contained 121 beds, at the address from late 2010 until state regulators closed it in June 2015 after finding multiple violations.
It had received state quality scores ranging from one to three stars from 2009 to 2015 on the state’s four-star system.
Inspectors found numerous rule violations and said the center presented “an endangerment to the health, safety and welfare of the residents” and that emergency action was required for their protection.
State investigators found that some staffers weren’t even checking to see that patients were in the building, or where they had gone if they were not on the site.
Residents — some with sexually transmitted diseases — were routinely leaving the center to have unprotected sex, officials said. Residents would visit a “love nest” that consisted of dirty mattresses lying in some woods near the building, amid beer bottles and trash.
One resident was struck by a car, and on another occasion a resident attempted suicide while on an undocumented absence.
Residents eventually were moved to other care homes, and Cornerstone was closed June 2, 2015.
There was a legal dispute over who owned the property at that time between Raintree and AA Holdings-Winston-Salem.
A U.S. Bankruptcy Court judge determined Raintree did not fulfill its contractual obligations for the beds, which reverted to AA Holdings.
In January 2018, adult-care home provider Smith/Packett had affiliate Winston-Salem RE Holdings LLC spend $2.3 million to buy the property from AA Holdings. In April 2018, Beam bought the property for $250,000.
Another Smith/Packett affiliate, Winston-Salem AL Investors LLC, spent $1.92 million to buy 9.91 acres off Hundley Road where it is building a $46 million independent- and assisted-living center that backs up to neighborhoods near the Brookberry Farm area.
The property, projected to debut by mid-2021, will be called Harmony at Brookberry Farm.
As part of that transaction, the Smith/Packett affiliates agreed to buy the 2900 Reynolds Park property in order to gain ownership of the license to operate 73 assisted and 38 memory-care beds.