Principal Asset Management (Principal Financial Group’s investment management division) and IRA Capital announced the acquisition of American Groves, a Class-A seniors housing community in Gilbert, Arizona, for $44.5 million, or $500,000 per unit. The sale was facilitated by JLL Capital Markets on behalf of the seller, American Care Concepts and Reichmann International Realty Advisors, which developed the community in 2021.
American Groves is a two-story, 89-unit community, offering independent and assisted living services. Each unit has the ability to transition between independent and assisted living in response to changing resident needs, enabling the community to adapt to future demographic and operational trends. It comprises 107,138 square feet and sits on 5.58 acres.
