McFarlin Buys Land for Senior Living Community in Phoenix
In a deal arranged by Avison Young, the company has acquired a nearly 7-acre property where the 80-unit Mariposa Point at Algodon Center will be developed.
Phoenix—Avison Young has brokered the sale of a 6.87-acre parcel on which a senior assisted living and memory care community will be built. HealthSouth Corp., a national provider of post-acute healthcare services, sold the property for $2.7 million to senior housing developer McFarlin Group. Avison Young’s Principals Julie Johnson and Alexandra Loye represented the seller, while DL Slaughter represented the buyer.
Construction is expected to begin late this year. Upon completion at the beginning of 2018, the community will operate as Mariposa Point at Algodon Center and will be managed by Surpass Senior Living. The property will be located at N. 91st Ave. and W. Thomas Road, within the Algodon Medical Center, and will include more than 80 assisted living and memory care units. The community will feature landscaped interior courtyards, private dining amenities, event venues and therapy rooms. Plans also call for retail space, a hair salon and spa services.
“This location within the Algodon Medical Center and across from Banner Estrella Medical Center is ideal for senior housing, and has a growing healthcare synergy with Mainstreet’s skilled nursing project under construction as well as a Veterans Affairs (VA) facility recently locating adjacent to a medical office building. The Phoenix area has been a strong market for senior housing product and has maintained an occupancy rate ranging between 83 percent and 92 percent since 2005. Currently, the occupancy rate is about 87 percent, according to the National Investment Center (NIC),” Johnson said in prepared remarks.
Image via LinkedIn