MedCore JV Buys 7-Property Senior Housing Portfolio

The Village Senior Living. Image courtesy of MedCore Partners

MedCore Partners and The National Realty Group, in partnership with BMO Harris Bank and Locust Point Capital, have acquired a seven-property senior housing portfolio spread across Washington and California for an undisclosed amount. The independent living, assisted living and memory care facilities total 582 units.

BMO Harris Bank provided acquisition financing for the transaction. The deal reflects many investors’ faith in a positive outcome for the senior housing sector, which has been hit hard by the coronavirus pandemic.

The Washington assets include:

• the 60-unit Birchview Memory Care at 925 Dunlop Ave. in Sedro-Wooley
• the 55-unit Discovery Memory Care at 408 W. Washington St. in Sequim
• the 92-unit Sequoia Assisted Living at 825 Lilly Road NE in Olympia
• the 72-unit Cooks Hill Manor at 2010 Cooks Hill Road in Centralia
• the 136-unit Village Senior Living at 4707 S. Orchard St. in Tacoma

The two California properties are:

• the 91-unit Del Obispo Terrace at 32200 Del Obispo St. in San Juan Capistrano
• the 76-unit Westminster Terrace at 7571 Westminster Blvd. in Westminster

Senior Services of America has been managing all seven assets since 2001 and the new owner will retain its services as operational manager going forward. In addition, the joint venture plans to invest more than $13 million in upgrading the facilities.