Chicago Pacific Founders Acquires 101-Unit Community in Arizona for $27M

SCOTTSDALE, Ariz. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Ranch Estates at Scottsdale, a 101-unit senior living community.

Formerly known as The Manor Village at Scottsdale, Grace Management will take over operations at the property. The community offers independent living and assisted living. The property sits on 2.4 acres and was built in 1998.

The Statesman Group sold the property for $27 million, or $267,327 per unit. Steve Gebing, Cliff David and Hamid Panahi of Institutional Property Advisors, along with Tony Cassie of Marcus & Millichap, represented the seller in the deal.

The property is situated along Loop 101, the Pima Freeway, six-tenths of a mile from the HonorHealth Scottsdale Shea Medical Center and a little over five miles from the Mayo Clinic’s Scottsdale campus. There are nine golf courses within a six-mile radius of the property and six million square feet of retail space within a three-mile radius.

CPF plans to implement improvements at the property, but specific details were not disclosed.