Dallas firm buys The Grove on Forest Lane, seeks to transform it with renovations

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The Grove on Forest Lane, an 86-unit seniors’ residence in Farmers Branch, has been acquired by a Dallas company that hopes renovations and improved marketing will turn things around.

The retirement home, formerly known as The Avenues of Park Forest, is MedCore Partners’ second acquisition in Texas and its first in Dallas-Fort Worth. MedCore, a healthcare and senior living commercial real estate company, has acquired 19 senior living residences across the country, including two under construction in Texas.

MedCore plans to renovate The Grove on Forest Lane, recruit new talent and operate it with in-house sales and marketing teams, according to Sundeep Jeste, senior vice president of senior housing operations at MedCore.

“We’re looking at buildings that aren’t performing up to their potential, and The Grove was only 50% occupied, so there’s a great opportunity to help reposition it,” Jeste said.

Renovations will include new interior and exterior signage, courtyard landscaping, improvements to common areas and upgrades to apartment amenities.

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This will be the first time MedCore has operated one of its acquired retirement homes rather than hiring a third party, Jeste said.

The location was a big draw, he said. It is close to the MedCore office and is centrally located to hospital systems, recreational activities and lifestyle amenities.

“It’s right in our backyard, about 5 miles from the main office, so we can provide great support for him,” he said.

MedCore, which has 35 employees, recently launched a hiring wave, hiring 12 new employees in August.

Jeste said MedCore sees now as a good time to buy into the senior living space as the world emerges from the COVID-19 pandemic, which has reduced occupancy at many facilities.

The occupancy rate for senior housing in the United States rose 1 percentage point to 82.2% in the past three months, according to Data of the National Investment Center for Housing and Care for the Elderly. It fell to a pandemic low of 77.9% in the first half of 2021.

MedCore has two sides to its business. On the one hand, it represents doctors and other health professionals who want to expand their practice. The company will help them develop a new space or acquire a space. On the other side of his business, he gathers investors to buy different properties, like he did with The Grove.

MedCore’s mission is “to identify and capitalize on healthcare projects across the country and maximize the potential profits returned to its investors,” according to its website.

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