Granite Investment Buys OR Memory Care Portfolio
- Aug 04, 2017
Granite Investment Group acquired the Tabor Crest Memory Care portfolio in Portland, Ore. Avalon Health Care Group will manage the two memory care facilities, which total 60 beds and mark Granite Investment’s first buy in Oregon. Congressional Bank provided the bridge loan and Housing and Healthcare Finance will process the HUD loan.
“This is a really exciting growth opportunity for Granite and allows us to continue our strategy of acquiring quality properties in strong markets for our investors,” said Humair Sabir, vice president of acquisitions with Granite, in a prepared statement. “We are thrilled to partner with an operator that enjoys an enviable track record of patient care and service. Avalon brings with them experience and resources that are essential for superior quality and care.”
The portfolio includes a new facility built in April 2016, which was leased up within six months of its opening. Built in 2004 and expanded in 2008, the second facility totals 11,335 square feet on a 21,700-square-foot infill plot. Both facilities provide memory care, along with room, board, social activities, three daily meals, scheduled transportation, 24-hour supervision and assistance with activities of daily living.
Strategic infill location
The properties are located at 16050 N.E. Halsey St. and 7430 S.E. Division St., respectively. The properties have easy access to interstates 84 and 205 and the Adventist Medical Center.
“This portfolio offers strategic infill locations with high visibility and an excellent reputation in the marketplace,” said Jason Punzel, senior vice president of Senior Living Investment Brokerage, in prepared remarks. Punzel and Senior Associate Brad Goodsell represented the sellers in both transactions. SLIB also facilitated the sale of two senior living communities in Decatur, Ill., for $12 million.
Image courtesy of Granite Investment Group