PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix.
The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies.
“The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” says Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an oncoming ‘silver tsunami’ create a unique opportunity to acquire communities well below replacement cost with favorable trends.”
Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months.
The acquisition marks Roxborough’s entry into the seniors housing market and its fourth investment in the Phoenix area as it invests Roxborough Fund III, a diversified investment fund focused on value-add investments.
JLL worked on behalf of Link to source debt and equity partners. The seller and price were not disclosed.