MedCore Announces the Acquisition of 86-Unit Senior Living Community in Dallas, TX

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Oct 11, 2022, 10:00 ET

DALLAS, Oct. 11, 2022 /PRNewswire/ -- MedCore Partners has completed the acquisition of an 86-unit senior living community called The Grove on Forest Lane (formerly known as The Avenues of Park Forest) in North Dallas. The senior living community offers 70 assisted living and 16 memory care residences and marks MedCore's second acquisition in Texas but the first in the DFW market. The acquisition is MedCore's 19^th nationwide.

"The MedCore team is especially pleased to add this community to our portfolio," said Sundeep Jeste, Senior Vice President of Seniors Housing Operations. "Its favorable location, combined with an infusion of capital for renovations, will provide an attractive destination for families seeking the convenience of North Dallas for their loved ones."

The renovation effort will include new interior and exterior signage, courtyard landscaping, common area upgrades, and apartment amenities enhancements. Senior By Design and a to-be-named general contractor are delivering the renovations.

The acquisition team hopes to leverage the project's tremendous occupancy growth potential and central location to hospital systems, recreational and lifestyle amenities to position it for steady value enhancement. The Dallas MSA is well-positioned for occupancy absorption going into 2023 based on population in-migration.

MedCore currently operates 19 senior living communities in Texas, Oklahoma, Arizona, Utah, Nevada, California, Washington, and Oregon. In addition, MedCore has two senior living projects under construction in Texas. This will bring their seniors housing portfolio to 21 assets with approximately 2,500 beds.

SOURCE MedCore Partners