Link Senior Development and The Roxborough Group have acquired Park Terrace Senior Living, a 301-unit senior housing community in Phoenix. The joint venture paid $45 million for the asset, according to Maricopa County records. Working on behalf of Link, JLL sourced debt and equity partners.
The acquisition marks Link’s eighth senior housing project in Arizona and Roxborough’s entry into the senior housing market.
The independent living and assisted living community, spanning across 12 buildings on approximately 15 acres, encompasses one- and two-bedroom apartments of 608 and 1,208 square feet, respectively. Common-area amenities include a swimming pool, a fitness studio and gym, a tennis court and walking paths. The joint venture plans to invest more than $3 million in property enhancements that will also include sustainability features.
Located at 2577 W. Greenway Road, Park Terrace is some 16 miles north of downtown Phoenix, just east of Interstate 17. The property is within 1 mile of AZ Endocrinology Center and Allergy Asthma Clinic LTD. Several dining and retail options are available within a few miles and along West Greenway Road.
Boosted by growing interest and long-term demand, the senior housing market is recovering after the effects of the pandemic, according to JLL Valuation Advisory’s fifth annual Seniors Housing Investor Survey and Outlook. Last month, JLL arranged a $30.3 million loan for a 172-unit senior housing community in Chatsworth, Calif.