1031 Crowdfunding Buys Utah Senior Living Communities
Avista Senior Living operates both properties.
1031 Crowdfunding has purchased two Utah senior living communities totaling 178 units in St. George and Lindon.
The company acquired the assets for its Delaware Statutory Trust offering, also entering the Utah market for the first time. Edward Fernandez, president & CEO of 1031 Crowdfunding, said in prepared remarks that the Utah market is attractive for senior housing investments, offering an ideal environment for business, lower taxes and a mix of diverse industries that continues to draw residents to the state.
Last year, 1031 Crowdfunding acquired another two senior living communities, Iris Memory Care in Dallas and Laurel Lodge in Cleveland, Ga.
The two Utah properties, Spring Gardens St. George and Spring Gardens Lindon, total 156,473 square feet across 5.8 acres. Avista Senior Living operates both communities. The company focuses on creating vibrant communities through social activities and cultural programs.
Assisted living and memory care
Spring Gardens St. George was completed in 2011 and encompasses assisted living and memory care units. The property’s residents have access to a movie theater, library, hair salon and barbershop, game lounge and fitness center. The community also features medical services and cognitive assessments, 24/h care services, medication management and transportation services.
Located at 2654 Red Cliffs Drive, Spring Gardens St. George is near Interstate 15. There are several dining options and retail centers in the proximity of the property, including Red Cliffs Mall. Saint George Regional Hospital is within 3 miles from the property.
Spring Gardens Lindon is located at 815 W. 700 N., near Route 89. The community is close to several shopping centers, dining options and green areas like Pleasant Grove Recreation Center. Completed in 2016, the community offers memory care and assisted living housing. Common-area amenities include a game lounge, movie theater, fitness room and restaurant-style dining. Spring Gardens Lindon features services such as 24/h care, an on-site health clinic, wheelchair accessibility and activity programs.