Phoenix Senior Housing Asset Trades for $27M
- Jul 22, 2019
The Statesman Group has sold The Manor Village at Scottsdale, a 101-unit senior housing community in Scottsdale, Ariz., for $27 million. Chicago Pacific Founders acquired the property through its senior platform, CPF Living Communities, rebranding the asset as The Ranch Estates at Scottsdale. Institutional Property Advisors represented the seller and procured the buyer in the transaction.
Located at 9160 E. Desert Cove Ave. on 2.4 acres, the property is close to the Pima Freeway, adjacent to the Shea Post Acute and Rehabilitation Center. The HonorHealth Scottsdale Shea Medical Center is nearby, with Phoenix Sky Harbor International Airport approximately 15 miles southwest.
Built in 1998, the community offers independent living, assisted living and short-term stay units, with floorplans ranging from 630 to 1011 square feet. Amenities include an outdoor pool and spa, rooftop terrace, fitness center, beauty salon and barber shop.
Scottsdale’s senior housing sector is expected to continue its boom—according to IPA Senior Managing Director Steve Gebing, roughly a quarter of the city’s population is above the age of 65. By 2022, that demographic segment is expected to grow by 22 percent. In addition to Gebing, the IPA team included Cliff David and Hamid Panahi along with Marcus & Millichap’s Tony Cassie. Earlier in July, Gebing and David brokered the $65 million sale of a 408-unit community in Avondale, Ariz., some 30 miles west of The Ranch Estates.