Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
KKR Pays $112.3M for Two AZ Senior Housing Properties
KKR acquired a Phoenix-area senior housing portfolio for $112.3 million. PGIM sold the two properties, totaling 285 units. Commercial Edge reports that JLL Real Estate Capital issued two Freddie Mac loans totaling $69.9 million for the deal.
JLL Seniors Housing Capital Markets represented the seller and secured the financing for the buyer.
One of the properties, The Watermark at Morrison Ranch, comprises 115 units in Gilbert, Ariz. It traded for $52.3 million. Completed in 2019, The Watermark at Morrison Ranch features assisted living and memory care units across two stories. Amenities include three dining venues, a gym, a tech center, and a library.
The other one is Acaya Mesa, a 170-unit asset in Mesa, Ariz (shown). PGIM had owned the community in partnership with its developer, Ryan Cos. That asset changed hands for $60 million. Acaya Mesa also debuted in 2019 and consists of a three-story building which encompasses independent living, assisted living and memory care units.
- ◦Sale/Acquisition
