AZ Senior Living Community Changes Hands
- Feb 26, 2019
MBK Senior Living, through an affiliate, has sold The Country Club of La Cholla, a 217-unit independent and assisted living community in Tucson, Ariz. CPF Living Communities, a Chicago-based senior living private equity fund, acquired the 236,466-square-foot property for an undisclosed price. CBRE represented the seller and also arranged acquisition financing on behalf of the buyer.
Located at 8700 N. La Cholla Blvd., on almost 11 acres, the property is near the Omni Tucson National Resort and Golf Course, Foothills Mall, Northwest Medical Center and several restaurants and entertainment venues. The community includes multiple levels of care, restaurant-style dining, a barber shop, library, lounge and clubhouse. Grace Management, a wholly owned subsidiary and management arm of CPF Living Communities, will manage The Country Club of La Cholla, which was 97 percent occupied as of last year.
CBRE National Senior Housing Vice Chairman Matthew Whitlock represented the seller, while CBRE Vice Chairman Aron Will arranged acquisition financing on behalf of the buyer.
According to a CBRE report from 2018, investor interest in senior housing remains very strong, particularly in the lifestyle-focused segment. The National Investment Center for Seniors Housing & Care found in a recent report that the overall occupancy rate for senior housing in the U.S. during the last quarter of 2018 was steady at 88 percent.
Image courtesy of CBRE