PHOENIX-Senior Resource Group LLC has acquired two bank-owned properties: La Siena in Phoenix and Villa Hermosa in Tucson. The seniors living communities, both of which were developed by Opus West Corp. and opened in 2008, were sold for an undisclosed amount.
La Siena, located in North Central Phoenix, is comprised of 190 units, and Villa Hermosa, situated within the Sonoran Desert Valley in Tucson, offers 205 units. The two properties expand SRG’s portfolio to seven communities in Arizona.
“We are very familiar with these markets and these properties,” says Michael Grust, president and CEO of SRG. “We like have clusters of properties, and these properties are a nice fit for our portfolio.”
Grust tells GlobeSt.com that SRG made an offer for the assets and closed of the acquisitions within six weeks. La Siena and Villa Hermosa are the first acquisitions SRG has made this year, and the properties were sold with assumable debt in place.
“In our industry, when a property has financial difficulties, families get concerned about what that means for the residents,” Grust points out. “We want to establish stability very quickly because we’re dealing with the fragility of the consumer psyche.”
Both La Siena and Villa Hermosa offer independent living with a vast array of amenities that include both casual and fine dining options, movie theater, spa/salon, putting green, fitness center, outdoor pool and spa. Together, the properties are 30% occupied, according to Grust.
SRG will reposition the properties to address need-driven customers and offer services so people can age in place. “These properties were positioned as independent living focused on lifestyle, and we're adding the element of assisted living,” Grust explains.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
