Link Senior Development and The Roxborough Group LLC acquired Park Terrace Senior Living, an amenity rich, 301-unit independent living and assisted living community in Phoenix. The price was not given out.
The 15.3-acre campus features expansive outdoor communal areas including a resort-style pool, putting green, walking paths and tennis court, set amongst 12 residential buildings featuring one- and two-bedroom units. Link and Roxborough intend to invest more than $3 mil to enhance the facilities, programming, food service and overall resident experience. 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 is a very compelling story for us,” said 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 on-coming “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. The acquisition marks Roxborough’s entry into the senior 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.