Interest in senior housing is expected to remain strong in 2019 as the majority of investors say they plan to increase the size of their portfolios in this market.
A CBRE research report says investors are most interested in independent living, assisted living and active-adult markets.
CBRE recently completed the sale of The Country Club of La Cholla, a 217-unit independent and assisted living community, to a Chicago-based private equity fund.
Matthew Whitlock, with CBRE National Senior Housing, represented the seller, an Irvine, Calif.-based affiliate of MBK Senior Living. CBRE’s Aron Will represented the buyer, CPF Living Communities. The sale price was not disclosed.
“The Country Club at La Cholla is a premier, full-service senior living community in the Tucson area with an appropriate mix of luxury independent living and assisted-living units,” Whitlock said. “The transaction represented the sale of a first-class community with high stabilized occupancy by a sophisticated seller, and an acquisition by an extremely knowledgeable buyer capable of recognizing the inherent current value of the community.”
The property sits on 10.6 acres at 8700 N. La Cholla Blvd. and features amenities such as a barber shop, piano lounge and a library. It is 97 percent occupied.
Other recent commercial transactions include:
- AMCELL LTD, doing business as Metro PCS by Sprint, leased 1,267 square feet at 3000 E. 22nd St., in El Campo Center on the southwest corner of 22nd and Country Club Road. The center is undergoing a complete renovation, which is scheduled for completion in June. Craig Finfrock, of Commercial Retail Advisors LLC, represented the landlord, and the tenant was self-represented.
- Pima County Free Library District leased 1,120 square feet at 5049 E. Broadway from CFSA Community Campus LLC. Ryan McGregor, with Picor, represented the landlord.
- Dailyvest Inc. leased 1,022 square feet at 5151 E. Broadway from Tucson 5151 Investments LLC. Rick Kleiner, with Picor, represented the landlord, and Jeff Casper, with CBRE, represented the tenant.