Link Senior Development, successfully completed the sale of a 409-unit assisted living and memory care portfolio in four markets across Arizona and Utah to Medcore Partners of Dallas, TX. With a total acquisition cost of $98 million, this transaction represents the first tranche of a $130 million portfolio acquisition of five properties and 531 total apartments. The fifth and final property is currently under construction, and MedCore is slated to close on this community in May of this year when construction is expected to be completed.
The communities involved in this initial acquisition include three assisted living and memory care assets in Arizona: Caliche Senior Living in Casa Grande with 83 Assisted apartments with 33 Memory Care beds; Joshua Springs Senior Living in Bullhead City with 75 Assisted apartments with 30 Memory Care beds and White Cliffs Senior Living in Kingman with 87 Assisted apartments with 30 Memory Care beds. In addition, the 75 Assisted apartments with 30 Memory Care beds Summit Senior Living in Kearns, Utah, completes the first tranche of the portfolio acquisition.
The projects are being managed by Watermark Retirement Communities, a national leader in senior living design, programs and operations. Based in Tucson, Arizona, Watermark has substantial knowledge in the Arizona and Utah markets, and in total, Watermark owns or operates 56 communities in 21 states around the country.
The Link Senior Development group looks forward to continued partnership with Medcore Partners and Watermark Communities on developments in the future.