PGIM Buys Phoenix-Area Senior Living Community for $46M

Acoya Mesa. Image via Google Street View A partnership including EverWest Real Estate Investors, Ryan…

Acoya Mesa. Image via Google Street View

A partnership including EverWest Real Estate Investors, Ryan Cos. and Cadence Living has sold Acoya Mesa, a 170-unit senior housing community in Mesa, Ariz., for $46.3 million. PGIM Real Estate acquired the Class A property, according to Maricopa County records. Ryan Cos. and Cadence Living will continue to operate Acoya Mesa.

Cushman & Wakefield represented the sellers, secured the buyer and arranged acquisition financing for PGIM. Capital One provided a $31.2 million non-recourse loan for the new owner, public records show.

PGIM is also an active lender in the senior living sector. Last June, the company provided a more than $250 million financing package for the purchase of a 1,118-unit senior housing portfolio.

Community features

The 182,810-square-foot property at 6502 E. Brown Road features 28 memory care units and a mix of 142 independent and assisted living units. Independent and assisted living floorplans include studios and one- and two-bedroom apartments ranging between 445 and 1,090 square feet, while the memory care floorplans include studio and one-bedroom configurations between 360 and 672 square feet. The 2019-built community also offers an arts and crafts room, a library, a game room, a movie theater, a salon and barber facility, a fitness center and a dog park.

Adjacent to Granite Reef Park, Acoya Mesa is less than half a mile from the North Power Road retail corridor. The senior housing community is within 3 miles of Banner Baywood Medical Center and roughly 10 miles of downtown Mesa. Recently, Decron Properties paid $76 million for the 132-unit Reserve at Eastmark some 12 miles away. The single-family rental asset marks Decron’s sixth acquisition in the Phoenix market.

See also  Security Properties Acquires Portland-Area Community for $70M