After purchasing a portfolio of seven seniors housing properties from Ventas in July 2020, MedCore Partners is divesting one of the properties in Sedro-Woolley, Washington (about 75 miles north of Seattle). The 2020 acquisition comprised six other communities in Washington (Sequim, Olympia, Centralia and Tacoma) and California (San Juan Capistrano and Westminster), and in total sold for $52 million, or $89,300 per unit. Still operated by Senior Services of America, there are 582 total units of independent living, assisted living and memory care. MedCore made the acquisition with The National Realty Group and Kong Capital, originally agreeing to a purchase price of $70 million but lowering the bid to $52 million after NOI declined.
Built in 1997, the 40-unit Sedro-Woolley community had achieved occupancy stability (to an impressive 95%) and received some capital improvements under MedCore’s ownership. The purchase price and new owner were not disclosed. Tony Cassie and Sam Thompson of Walker & Dunlop handled the transaction.
