CASE STUDY PARTNERED RIGHT ® Heritage Village Assisted Living (“Heritage Village” or the “Community”) is a 96-unit, 138-bed assisted living and memory care community located in Mesa, Arizona. Acquired in 2017 by Madison Realty Companies (“Madison”), the community consists of six custom-built assisted living and memory care homes and a medical office building. Based in Pasadena, California, Madison is a private real estate firm with expertise in acquiring income- producing real estate. Madison’s primary seniors housing strategy focuses on acquiring undervalued properties and expanding / upgrading those properties to add value and increase cash flow. Madison and its affiliates own 23 assisted living and memory care properties located primarily in the southwest and western states

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