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MedCore, SunTrust, Trinity Snag Four-Asset Assisted Living, Memory Care Portfolio
Dallas-based MedCore Partners, together with SunTrust Bank and Trinity Private Equity Group, closed on a 409-unit assisted living and memory care portfolio in four markets across Arizona and Utah. The $98-million transaction represents the first tranche of a $130 million portfolio acquisition of five properties and 531 total units.
The communities 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. Watermark Retirement Communities was selected to take over the management of each of the properties.
The fifth and final property is currently under construction. MedCore is slated to close on this community in May 2019, when construction is expected to be completed.
*Pictured Summit Senior Living, Kearns, UT
For comments, questions or concerns, please contact Dennis Kaiser
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