1031 Crowdfunding, LLC announced today that on May 1, 2018, through joint venture with Seasons Management, LLC, it acquired a 48-bed memory care facility in Hillsboro, Oregon for a total purchase price of $14 million.
The 44-unit, 22,950 square foot facility will be operated by an affiliate of Frontier Management, LLC ("Frontier"). They have operated the facility since 2008 with a 93.75 percent average occupancy. Frontier operates over 80 facilities in 12 states, with 33 located in Oregon. They were ranked #17 among the nation's Top 50 Largest Providers, and #10 among the nation's Top 10 Largest Memory Care Providers by Argentum Senior Living Executive magazine.
"Senior housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals," said Edward Fernandez, Founder and Chief Executive Officer of 1031 Crowdfunding. "We are particularly excited about the memory care sector."