Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the $2.7-million sale of a 6.87-acre land parcel for the development of a senior assisted living and memory care community in Phoenix.
Named Mariposa Point at Algodon Center, the fully entitled site is anticipated to begin construction in late 2017 with completion slated for early 2018. The assisted living and memory care community will be managed by Surpass Senior Living.
Avison Young Principals Julie Johnson and Alexandra Loye, based in the company’s Phoenix office, represented the seller, HealthSouth Corporation, one of the nation’s largest providers of post-acute healthcare services. The buyer, Dallas-based McFarlin Group, was represented by DL Slaughter. In 2008, Johnson assisted HealthSouth in its purchase of the land for expansion into the west valley; however, the company decided to sell the property and focus on other projects. HealthSouth currently has rehabilitation hospitals in the Arizona cities of Glendale, Mesa, Scottsdale, Tucson and Yuma.
The parcel is located within the Algodon Medical Center at N. 91st Avenue and W. Thomas Road and is across from Banner Estrella Medical Center. The property is planned to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents. Mariposa Point at Algodon Center will feature landscaped interior courtyards, private dining amenities, special event venues, therapy rooms and other on-site amenities. The community will also include retail space, with plans for a hair salon with spa services and a yogurt shop, which will be open to the public as well as residents of the community.
“This location within the Algodon Medical Center and across from Banner Estrella Medical Center is ideal for senior housing, and has a growing healthcare synergy with Mainstreet’s skilled nursing project under construction as well as a Veterans Affairs (VA) facility recently locating adjacent to a medical office building,” comments Johnson. ”The Phoenix area has been a strong market for senior housing product and has maintained an occupancy rate ranging between 83% and 92% since 2005. Currently, the occupancy rate is about 87%, according to the National Investment Center (NIC).”
Loye adds: “This transaction represented another out-of-state developer capitalizing on the growing need and demand for senior housing facilities in Arizona. This site offered the opportunity to be situated in a growing master-planned medical park that’s strategically located next to one of Banner Health’s newest hospital campuses.”