MedCore Partners Purchases 582-Unit Seniors Housing Portfolio in Washington, California
WASHINGTON AND CALIFORNIA — MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, have acquired a 582-unit independent living, assisted living and memory care portfolio in seven markets in Washington and California.
The communities in the initial acquisition include five assets in Washington:
- Birchview Memory Care in Sedro-Wooley with 60 units
- Discovery Memory Care in Sequim with 55 units
- The Sequoia in Olympia with 92 units
- the 72-unit Cooks Hill Manor in Centralia
- the 136-unit The Village in Tacoma.
- the 91-unit Del Obispo Terrace in San Juan Capistrano
- the 76-unit Westminster Terrace in Westminster.
MedCore plans to deploy more than $13 million of capital expenditures to improve the facilities.
The company has retained Tacoma-based Senior Services of America (SSA) as the manager of the properties. SSA has managed the communities since 2001. BMO Harris Bank provided the senior loan for the acquisition.