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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.