Dallas, Texas, September 11, 2019 – MedCore Partners, together with UMB Bank, TNRG and Trinity Private Equity Group, announce the acquisition of a brand new 122-unit Independent Living, Assisted Living and Memory Care property in North Ogden, UT. Construction on The Lodge at North Ogden ended in May and the community opened its doors in June, offering 22 Independent Living, 70 Assisted Living and 30 Memory Care units. With a total acquisition cost of approximately $30 million, The Lodge at North Ogden is the fifth and final property in a $130 million portfolio acquisition completed by MedCore this year. The portfolio consists of five properties and a total of 531 units.
MedCore completed the acquisition of the initial four assets, including three assisted living and memory care assets in Arizona and one in Utah in February of this year. Immediately upon closing on the assets, Watermark Retirement Communities, a national leader in senior living design, programs and operations took over the management of the properties. Based in Tucson, Arizona, Watermark has substantial knowledge in the Arizona and Utah markets, and in total, owns and/or operates nearly 60 communities across the country.
Situated in strategic markets with healthy demand and defined barriers to entry, the assets are on a strong lease-up trajectory toward stabilization. “MedCore is extremely excited to add The Lodge at North Ogden to our portfolio and we look forward to offering the seniors of North Ogden a first-class community they will be proud to call home.” Michael Graham, MedCore, said of the acquisition.
To learn more about this acquisition, please contact us at (214) 443-8300.