MedCore Partners and Trinity Private Equity Group, have closed on a 409-unit assisted living and memory care portfolio in Arizona and Utah.
With an acquisition cost of approximately $98 million, this transaction represents the first tranche of a $130 million portfolio acquisition of five properties and 531 units. The fifth property is under construction, and MedCore is slated to close on this community in May.
The communities involved in this initial acquisition include three assisted living and memory care assets in Arizona: Caliche Senior Living in Casa Grande with 105 units, Joshua Springs Senior Living in Bullhead City with 104 units, and White Cliffs Senior Living in Kingman with 103 units. In addition, the 97-unit Summit Senior Living in Kearns, Utah, completes the first tranche of the portfolio acquisition.
Situated in strategic markets with healthy demand and defined barriers to entry, the assets are on a strong lease-up trajectory toward stabilization.
The projects are being managed by Watermark Retirement Communities, a national leader in senior living design, programs and operations. Based in Tucson, Arizona, Watermark has substantial knowledge in the Arizona and Utah markets, and in total, Watermark owns or operates 56 communities in 21 states around the country.
SunTrust Bank provided the loan for the acquisition. “This group of assets is highly complementary to SunTrust’s strategic real estate underwriting objectives,” said Randall Loggins, senior vice president of SunTrust’s Aging Services practice.
