Stonepeak paid $109 millon for a 147-unit senior living facility in Scottsdale. The Acoya Shea was sold by Harrison Street Asset Management and Cogir Senior Living. The Phoenix Business Journal reports a Colliers spokesperson said the sale price was a record per unit for a senior living facility in the region.
Ryan Cos. designed, developed and built Acoya Shea on 2.55 acres at 7373 E. Shea Boulevard in 2023. The community offers a resort-style swimming pool, bistro, theater room, and salon.
Blackstone’s $145 million acquisition of The Heritage Tradition in Sun City West in February was higher, but it only amounted to $476,973 per unit.
The large sale follows a trend of investors gravitating towards senior living communities. Other recent deals in the sector include PGIM Real Estate’s $36 million sale of the 138-unit MorningStar Senior Living at Golden Ridge in Peoria and The Pennant Group Inc.’s acquisition of Arbor Rose Senior Living in Mesa.
The post Scottsdale Sr. Housing Facility Trades for $740K/Unit appeared first on Connect CRE.
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