Draper, UT– November 5, 2021 – MedCore Partners and The National Realty Group (“TNRG”), together with Congressional Bank and Trinity Private Equity Group (“TPEG”) have completed the acquisition of an 89-unit senior living community in Draper, Utah. This acquisition was sourced off-market and underwent a rebranding to Escalante at Draper upon closing. The senior living community offers 55 assisted living and 34 memory care residences, and marks MedCore’s third community in the State of Utah.
“We are excited about this acquisition as it is a next step in our organization’s strategy to expand our senior living footprint across the rapidly growing greater Salt Lake Valley,” said Anthony Fulco, Director of Acquisitions. “Escalante at Draper is excellently positioned to offer quality programs and superb resident care at reasonable price points.”
Integral Senior Living (“ISL”) of Carlsbad, CA will be taking over the management of the community, which is the fourth MedCore asset managed by ISL, including three other communities in Texas. ISL will also be the manager of two of MedCore’s senior living developments in Texas and Oklahoma that are set to open in early 2022, and upon their opening, ISL will be managing six communities for MedCore totaling 875 units across three states. “Our approach to management is centered on providing quality amenities, innovative services and exceptional care for our residents,” said Collette Gray, Integral Senior Living’s president and CEO. “By adding Escalante at Draper, we not only are expanding our national network of communities, but also are able to provide personalized care and meaningful experiences to our residents.”
Utah is the fastest growing state in America over the past decade (18.4% population growth). Salt Lake City added 900,000+ residents in the same period. New senior housing supply has continued to decline since 1Q17 in Salt Lake according to NIC Map which positions the market for favorable supply/demand dynamics over the next five (5) years.
The acquisition team hopes to leverage the project’s strong market demographics as well as low acquisition basis to position the asset as a high-quality middle market option for the residents of Draper, Utah.
The Congressional Bank Healthcare Lending team, based out of Chevy Chase, MD, provided the senior loan for this acquisition. TNRG and TPEG each contributed to the equity portion of the capital stack to close this transaction.
MedCore currently operates 16 senior living communities in Texas, Arizona, Utah, California, Washington, and Oregon. In addition, MedCore has two senior living projects under construction, both of which will open in 2022 and is planning an expansion of its Spring Cypress Senior Living campus in Houston, which is expected to begin construction Q1 2022. Upon completion, this will bring their seniors housing portfolio to 19 assets with approximately 2,230 units.
To learn more about this project, please contact Anthony Fulco at Anthony@MedCorePartners.com.