JLL Capital Markets has closed the sale of Inspira Arrowhead, a 165-unit seniors housing community in Glendale, Arizona. The community was under the ownership of Fortress Investment Group funds for just 18 months, but in that time occupancy rose from 89% to 94% and NOI improved by 35%. Fortress bought the asset in April 2024 in a joint venture with Cogir Senior Living, so Cogir clearly did a great job (and will be continuing as manager). Alanna Ellis and Alex Sheaffer of JLL had arranged acquisition financing for that deal, and Nick Stahler, Hamid Panahi and Steve Gebbing with Institutional Property Advisors of Marcus & Millichap had handled the 2024 sale.
Built in 2019, the community comprises 165 independent living, assisted living and memory care units, with on-site dining, salon and barbershop, fitness center, swimming pool, game rooms and library, movie theater and gardens. It was developed by a family office merchant builder. JLL Capital Markets represented Fortress in the current sale. JLL also arranged non-recourse acquisition financing for the buyer through a regional bank.
