After three straight acquisitions in Florida, Chicago Pacific Founders has added another Sunbelt property to its portfolio, this time in Arizona. The Tucson community features 107 units of assisted living and memory care and a host of amenities, including a movie theater, bistro, sunrooms, sports lounge, hydro massage therapy, putting green, resident garden and dog park, to name just a few. It also boasts views overlooking the Catalina Mountains.
Willis Development, in partnership with Dekel Capital, opened the community in mid-2018. Dekel Strategic Investors provided $8.4 million in equity and East West Bank provided a $17 million construction loan, putting the total capitalization at around $25.4 million, or $237,400 per unit.
Milestone Retirement began operating the community from the start but will hand over the keys to Chicago Pacific’s subsidiary Grace Management. Chicago Pacific did not disclosed terms of the deal but will invest in capital improvements at the property.