PHOENIX — A joint venture between Sabal Investment Holdings, 12 North Capital LLC and affiliates of MorningStar Senior Living has purchased MorningStar at Arcadia, a seniors housing property in Phoenix.
Located at 3200 E. Glenrosa Ave., MorningStar at Arcadia features 78 assisted living suites across studio, one-bedroom and two-bedroom floorplans and 30 memory care suites. Community amenities include a fitness center, resident game room, outdoor seating area with fire pit, and resident dining room.
The buyers plan to implement an improvement program including a cosmetic refresh to common areas, including the main entrance lobby, dining room, theater and other amenity spaces along the reconfiguration of smaller assisted living units to meet local demand for larger and more functional living spaces. Additionally, the buyers plan exterior painting and landscaping improvements.
Aron Will and Michael Cregan of CBRE National Senior Housing arranged financing for the acquisition. The seller, price and other transaction details were not released.