Home Finance Soundcare Sells Senior Living Communities in Tacoma for $20MM

Soundcare Sells Senior Living Communities in Tacoma for $20MM

By Brittan Jenkins

Residential transactions around the Puget Sound region have been in the news recently, and senior housing properties have become just as attractive for investors. This time, two communities sold in the Tacoma area for $20 million, or roughly $67,340 per unit combined. Naty Saidoff, founder of Los Angeles-based Capital Foresight, a real estate investment company, purchased the two senior living communities from the seller, Soundcare Inc., in a deal that closed April 3.

According to public records, each building was purchased for $10 million. Public records also show $197,000 was deducted in personal property for both facilities, including furniture, fixtures, equipment and vehicles.

Bridgeport Place Assisted Living, located at 5250 Bridgeport Way West is a retirement and assisted living facility in Tacoma. The facility offers 77 studios and one and two-bedroom units. Bridgeport Place is the only assisted living community Soundcare Inc. owned, while the other facilities the group operates are nursing facilities.

The other facility, University Place Care Center, located at 5520 Bridgeport Way West, opened in 1992 and offers 24-hour nursing care as well as post surgical care, wound care, I.V. therapy and pain management. The 120-bed facility also caters to restorative care, hospice care, respite care and rehabilitation services for physical therapy, occupational therapy and speech therapy. It opened in 1992.

According to Soundcare’s website, the group has four properties, all located in Washington. Excluding the two that just sold, Soundcare has two locations, one on Bainbridge Island and the other in McKenna.

The sale of seniors housing has been common recently, as a number of senior living facilities have sold all across the Puget Sound, including four Welltower communities, which were part of a 39-asset portfolio consisting of 11 seniors housing properties and 28 long-term care facilities.