Arizona

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ArizonaFinanceIllinoisMissouriNewsTennessee

Inland Secures $149M for DST Fund Focused on Senior Living

by Hayden Spiess

OAK BROOK, Ill. — Inland Real Estate Investment Corp. has raised more than $149 million in capital for its private investment offering, National Senior Living Portfolio DST, a Delaware statutory trust sponsored by Inland. Now fully subscribed, the fund has been closed.  The trust currently indirectly owns three senior living communities. Located in Arizona, Missouri and Tennessee, the communities total 635 units. Each of the communities offers independent living, assisted living and memory care. The properties include Clarendale of Chandler in Chandler, Arizona; Clarendale of St. Peters in St. Peters, Missouri; …

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ArizonaCompany NewsIllinoisNewsOklahomaOperations

Grace Management Adds Five Ventas Communities to Operating Portfolio 

by Hayden Spiess

MAPLE GROVE, Minn. — Grace Management Inc. has added five Ventas-owned senior living communities to its operating portfolio.  Previously managed under a triple-net-lease structure by Brookdale Senior Living, the communities include The Hallmark in Chicago; Inspirations of Northbrook in Northbrook, Illinois; Inspirations of Mesa in Mesa, Arizona; Inspirations of Peoria in Peoria, Arizona; and Inspirations of Bartlesville in Bartlesville, Oklahoma. Each of the properties features assisted living residences, with some of the communities offering independent living apartments as well.  Plans for the communities include a multi-million-dollar renovation at The Hallmark in …

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ArizonaDevelopmentNews

Park Senior Villas to Expand Campus in Chandler, Arizona

by Hayden Spiess

CHANDLER, Ariz. — Park Senior Villas has announced plans for an expansion project at its senior living campus in Chandler. Originally opened in 2020, the property currently comprises seven villas, each of which features a great room and built-in amenity.  Upon completion, which is scheduled for summer 2026, the expansion will add 21,000 square feet and occupancy for 48 additional residents. Each new building will include 10 bedrooms and options for both single and double occupancy. The groundbreaking is scheduled for Nov. 25.  According to Park Senior Villas — which also operates …

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ArizonaCCRCDevelopmentNews

LCS Development Underway on Third Phase of Renovation at 50-Acre CCRC in Tempe, Arizona

by Hayden Spiess

TEMPE, Ariz. — LCS Development is underway on the third phase of a master planned renovation at Friendship Village Tempe, a 50-acre continuing care retirement community located in Tempe.  Construction has begun on the phase, which will include the removal of an existing structure and the addition of a new, five-story building. Upon completion, which is planned for the fourth quarter of 2027, the building will total 175,900 square feet with 69 independent living apartments, two guest suites and below-grade parking. Units in the building will range in size from 909 …

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ArizonaNew MexicoNewsOperations

Stellar Senior Living Adds Six Communities to Management Portfolio

by Hayden Spiess

SALT LAKE CITY — Owner and operator Stellar Senior Living has added six new communities to its management portfolio.  The Utah-based company will now operate Granite Gate Prescott, Arizona; The Forum at Desert Harbor in Peoria, Arizona; The Gardens of Scottsdale and Pueblo Norte in Scottsdale, Arizona; The Forum at Tucson in Tucson, Arizona; and Montebello on Academy in Albuquerque, New Mexico.  Stellar will manage the properties on behalf of Diversified Healthcare Trust, which owns the communities.  “These communities are located in markets we know and trust, and they complement our …

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ArizonaFinanceNews

Joint Venture Secures Refinancing for 248-Unit Community in Phoenix

by Hayden Spiess

PHOENIX — A joint venture between Harrison Street Asset Management, LCS and Ryan Cos. US Inc. has secured refinancing for Clarendale Arcadia, a senior living community located in the Arcadia neighborhood of Phoenix.  Ryan Stoll and Taylor Mokris of BWE arranged the financing — which features full-term interest-only payments, an initial 36-month term and two one-year extension options — on behalf of the joint venture.  Completed in 2023, Clarendale Arcadia totals 248 residences, with 240 independent living units, 68 assisted living units and 40 memory care units. Amenities at the property …

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Brett Leon
ArizonaCompany NewsDevelopmentNewsPeople

Watermark Names Brett Leon Senior Vice President of Development 

by Hayden Spiess

TUCSON, Ariz. — Watermark Retirement Communities has named Brett Leon senior vice president of development.  Leon brings 22 years of real estate development leadership to the position, including roughly a decade of specializing in senior living with developer Alliance Residential. Leon worked with Arizona-based Watermark during his time at Alliance Residential, with Watermark managing nine Alliance communities during his tenure.  “Brett’s expertise and proven vision for senior living development will be instrumental as we expand our portfolio,” said Watermark CEO Paul Boethel in a statement.  Watermark was named the 28th largest …

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Affordable HousingArizonaDevelopmentNews

Pennrose Underway on $57M Affordable Development in Phoenix

by Hayden Spiess

PHOENIX — Pennrose is currently underway on the second phase of Garfield Terrace, a $57 million affordable seniors housing development in downtown Phoenix. Pennrose recently opened Phase I of the development and commenced construction on Phase II.  Project partners include Butler Housing Co., CBC Financial Corp., the City of Phoenix and the Arizona Department of Housing (ADOH). Garfield Terrace I totals 60 studio and one-bedroom apartments for residents age 55 and older. Twelve units are reserved for seniors earning at or below 30 percent of the area median income (AMI), with …

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AcquisitionsArizonaAssisted LivingIndependent LivingMemory CareNews

Stellar Senior Living Acquires Community in Marana, Arizona

by Hayden Spiess

MARANA, Ariz. — Stellar Senior Living has acquired La Sonora at Dove Mountain, a seniors housing community located in Marana, roughly 20 miles northwest of Tucson.  Totaling 152 units, the property features independent living, assisted living and memory care residences.  The seller and sales price were not disclosed. Stellar Senior Living, which was founded in 2011, is headquartered in Salt Lake City. 

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Ativo of Sundance
ArizonaCaliforniaFinanceNews

JLL, HJ Sims Secure $239.6 Million in Tax-Exempt and Taxable Bond Financing for Seniors Housing Portfolio

by Channing Hamilton

BUCKEYE AND YUMA, Ariz., AND SANTA CLARITA, Calif. — JLL and HJ Sims have arranged $239.6 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation-Ativo Portfolio, three seniors housing properties totaling 430 units in Arizona and California. Integrated Senior Foundation is a non-profit 501(c)(3) owner and operator based in Brea Calif. The portfolio, which includes two ground-up development communities and one acquisition, consists of Ativo of Sundance, located in the fast-growing city of Buckeye, Arizona; Ativo of Yuma, in Yuma, Arizona; and Ativo of Santa Clarita, located within …

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