MedCore Partners, Trinity Private Equity Group, TNRG and UMB Bank have acquired North Ogden, Utah-based The Lodge, an assisted living and memory care property. No financial terms were disclosed.
DALLAS, Sept. 11, 2019 /PRNewswire/ — MedCore Partners, together with Trinity Private Equity Group, TNRG, and UMB Bank, announce the acquisition of a brand new 122-unit independent living, assisted living, and memory care property in North Ogden, Utah. Construction on The Lodge at North Ogden ended in May and the community opened its doors to new residents in June. Offering 18 independent living, 82 assisted living, and 22 memory care units, The Lodge at North Ogden is the fifth and final property in a portfolio acquisition completed by MedCore this year that consists of five properties with 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 60 communities across the country with 4 additional communities under development.
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 a first-class community to the seniors of North Ogden that they will be proud to call home,” Michael Graham, Partner, said of the acquisition.