Longview, TX – February 4, 2020 – MedCore Partners and TNRG have completed the acquisition of a 189-unit senior living community called Parkview on Hollybrook in Longview, Texas. The senior living campus offers 126 independent living, 41 assisted living, and 22 memory care residences. The group also intends to develop land adjacent to the existing campus to add independent living cottages by early 2021.
“This acquisition is highly complementary to MedCore’s existing portfolio,” said Michael Graham of the transaction. “We look forward to building on the strong lease-up momentum at Parkview and seeing this project through to stabilization. It is an honor to serve the Longview community in such a meaningful way.”
The community will be managed by Integral Senior Living (ISL) of Carlsbad, California. ISL also manages another MedCore/TNRG asset in Cypress, Texas and will manage three others under development or construction for the group. Of the new addition to the ISL-managed portfolio, President/CEO Collette Gray said, “We are delighted to add Parkview on Hollybrook to our expanding management portfolio. By bringing our tested, state-of-the-art programs to this community, we are able to welcome more residents and provide them with our expert level of care.”
The acquisition team hopes to leverage Parkview’s optimal market location with its occupancy growth objectives. Located next to one of the area’s largest regional health systems, Parkview is poised to benefit not only from its high visibility to the health care area, but it also sits on a nature preserve complete with walking trails.
In addition to the ample outdoor spaces, the amenities at the community include an outdoor pool and patio area, bocce ball court, spacious dining venues for independent living, assisted living and memory care, a bistro/bar venue, computer lounge, fitness center, library, and theater.
MedCore and TNRG currently operate six senior living communities in Texas, Arizona, and Utah. In addition, the development team expects to start on the construction of three new senior living development projects in the next 60 days as well as acquire a seven-community portfolio in April. This will bring their seniors housing portfolio to seventeen assets either operating or under construction, with approximately 2,192 beds.