Florida-based private equity investor Bourne Financial Group acquired a large senior living community in Mesa, Arizona. Built in 1978 and significantly renovated from 2013 to 2017, Bella Vista features 188 units of independent living and assisted living. It was previously owned by a joint venture between two real estate investment firms: Wexford Real Estate Investors and Beztak Companies.
They were represented by Cushman & Wakefield in the transaction. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin worked on the deal. Going forward, Bourne Financial Group will manage the community with its in-house operator, Park Avenue Lifestyle. The property was considered to be a value-add opportunity.
