Link Senior Development and The Roxborough Group, LLC announced the acquisition of Park Terrace Senior Living, an amenity-rich, 301-unit independent living and assisted living community in Phoenix, Arizona. We learned about the deal last month, when Tyler Merrill of Merrill Commercial Real Estate announced that he handled the transaction.
Originally built in 1986 as a hotel, the 300,000-square foot building had 168 guestrooms where every unit was a two-room suite. After a $20 million capital improvements/conversion project by an independent owner/operator, it now features 301 units of independent living and assisted living. It is billed as a “resort-style” community with two outdoor pools, tennis courts and other amenities. Motivated to increase its footprint in Arizona with seven existing locations, Link Senior Development and The Roxborough Group, which entered the seniors housing market with this acquisition, paid $45 million, or $149,500 per unit, at a 4.5% cap rate, for the community.
JLL worked on behalf of Link to source debt and equity partners for the transaction.
