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PHOENIX — Merrill Commercial Real Estate has arranged the sale of a 301-unit seniors housing community in Phoenix.
The 300,000-square-foot property offers both independent living and assisted living. The seller invested $20 million in capital improvements to convert the former Embassy Suites Hotel to the resort style property it is today.
An independent owner-operator sold the asset to a development group looking to expand in Arizona for $45 million, which represents a capitalization rate of 4.5 percent and per-unit cost of $149,500
Tyler Merrill led the transaction.