Harrison Street, Stellar Senior Living Buy Tucson Property

The retirement community previously sold for $14.4 million in the ‘90s.
Broadway Proper, Tucson, Ariz
Broadway Proper. Image courtesy of Cushman & Wakefield

A joint venture between Harrison Street and Stellar Senior Living has acquired a 232-unit senior housing community in Tucson, Ariz. Lytle Enterprises sold the property with the assistance of Cushman & Wakefield, which also secured a non-recourse loan with a national bank on behalf of the buyer.

According to Pima County records, the 283,140-square-foot property had traded in 1995 for $14.4 million.

Located at 400 S. Broadway Place, the community dubbed Broadway Proper is fitted for both assisted and independent living. The property has recently undergone extensive interior upgrades and features one- and two-bedroom apartments ranging from 403 to 912 square feet. Residents have access to all-day dining, a gym, a library and outdoor green areas. Additionally, the facility offers group activities, round-the-clock staffing and emergency response, as well as housekeeping and appointment transportation.

The Cushman & Wakefield team that arranged the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker and Associate Bailey Nygard.

Earlier this year, Harrison Street in partnership with Ryan Cos. broke ground on a $117 million Chicago senior housing project. The company will also expand its portfolio with a luxury student community in Tempe, Ariz., slated for completion in the second part of the year.