Newmark kicked off November with a couple of closings, most notably selling the LivGenerations portfolio in Arizona. Located around the Phoenix market, the four properties feature 546 units of independent living, assisted living and memory care, with an average age of just five years. They include a 118-unit community in Gilbert that opened in 2014, a 137-unit community in Phoenix built in 2017, a 110-unit community in Scottsdale that opened in 2017 and a 181-unit community built near the Mayo Clinic hospital in Phoenix in 2021. LIVGenerations, which also develops market-rate apartment communities in Arizona and Michigan, was the seller. These four properties represented LIV’s entire seniors housing portfolio.
The team also closed the sale of Wickshire Fort Myers, a 119-unit assisted living/memory care community that opened in 2016 in Fort Myers, Florida. Previously owned by Brentwood, Tennessee-based Wickshire Senior Living, the property was also renovated in 2021 and boasted an occupancy of 95%.
