OREGON CITY, Ore. — Marcus & Millichap has arranged the sale of Oregon City Memory Care, a 31-unit memory care facility in Oregon City, just south of Portland.
The facility was vacant at the time of sale and owned by a Seattle-based bank. A private investor acquired the asset for $4.9 million.
The previous borrower lacked the working capital to make it through lease-up. The buyer plans to expand several of the units to allow for double occupancy as well as making accessibility improvements to the property.
Tony Cassie and Sam Thompson, seniors housing investment specialists located in Marcus & Millichap’s Portland Office, represented the seller in the transaction.