Christian Care Communities purchased the Villa Serenas Apartments, a 611-unit complex at 8111 E. Broadway. The purchase price translates into $34,124 per unit.
The non-profit company, sponsored by the non-denominational Christian Churches of Arizona, operates a number of retirement housing centers in the state. The non-profit has renamed the complex Fellowship Square and plans to completely refurbish the property, adding a 11,000-sf dining and recreational facility.
Chicago-based Equity Residential Trust was the seller.
The Phoenix office of CB Richard Ellis represented the seller in the negotiations.
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