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
  • Cooks Hill Manor in Centralia with 72 units
  • The Village in Tacoma with 136 units

The transaction also included two properties in California:

  • Del Obispo Terrace in San Juan Capistrano with 91 units
  • Westminster Terrace in Westminster with 76 units

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.