CBRE Negotiates Sale of 170-Unit Andara Senior Living in Scottsdale, Arizona

by Amy Works

SCOTTSDALE, ARIZ. — CBRE National Senior Housing has arranged the sale of and acquisition financing for Andara Senior Living, a 170-unit luxury seniors housing community in Scottsdale.

Built in 2010, the community is located in an affluent pocket of Scottsdale and nestled in the foothills of the McDowell Mountains. The campus features two three-story residential wings interconnected by a covered walkway. The community offers independent living and assisted living services.

Reliant Group sold the property to a joint venture between Colonial Oaks Senior Living and Fortress Investment Group.

Although the price wasn’t disclosed, CBRE provided a $37 million fixed-rate Freddie Mac acquisition loan in connection with the sale. This transaction represents CBRE’s third financing of the community after previously arranging acquisition financing on behalf of the seller in 2012 and an agency refinancing in 2018.

The CBRE investment sales team consisting of John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented the seller, while the CBRE debt and structured finance team consisting of Aron Will, Austin Sacco and Adam Mincberg arranged the financing.

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