JLL’s Seniors Housing Capital Markets team completed the sale and financing of three assets across two separate deals. First, it announced that it sold The Watermark at Morrison Ranch in Gilbert, Arizona, and Acoya Mesa in Mesa, Arizona. Both communities were stabilized at the time of the deal.
JLL marketed the portfolio on behalf of the seller, PGIM, which owned Acoya Mesa in a joint venture with the original developer of the asset, Ryan Companies US, Inc. JLL also worked on behalf of the buyer to secure the 10-year, acquisition loan through Freddie Mac. The loan will be serviced by JLL Real Estate Capital.
The Watermark at Morrison Ranch is a two-story building with 115 units of assisted living and memory care. Built in 2019, the property offers Class-A amenities, including three distinctive dining venues, a fitness center, technology center, library and full-service salon, among others. The 4.6-acre site within a high-end master planned community.
Acoya Mesa was built in 2019 and consists of a three-story building offering 51 units of independent living, 91 units of assisted living and 28 units of memory care. Common areas feature a café/bistro/pub, restaurant-style dining, movie theatre, salon, game room, activities room and library. Acoya Mesa is approximately 20 minutes from The Watermark at Morrison Ranch. More on PGIM’s acquisition, including the purchase price, can be found here on LevinPro LTC.
Additionally, JLL’s Seniors Housing Capital Markets team, led by Aaron Rosenzweig and Dan Baker, sold and financed Clearwater at North Tustin, a Class-A, 100-unit seniors housing community in North Tustin, California. They represented the seller, Broadview Real Estate Partners, and procured the buyer, Health Wave Partners. JLL’s Debt Advisory team arranged acquisition financing on behalf of the buyer through a large national bank.
Clearwater North Tustin was built in 2021 and consists of two acuity-specific single-story buildings offering assisted living and memory care on 6.6 acres. Residents have access to a variety of amenities, including a restaurant-style dining, an outdoor amphitheater, music garden, salon and spa, art studio, wellness center, a dog park and four distinct resident courtyards.
