June 6, 2022 By: Mike Boyd
The 15.3 acre Park Terrace Senior Living was purchased by the duo of Link Senior Development and The Roxborough Group. The price was not disclosed. The two owners say they will inject $3 million of enhancements into the 301-unit independent and assisted living community. Roxborough’s Matthew McCormick likes the senior space going forward, “Changing demographics and an on-coming. “silver tsunami” create a unique opportunity to acquire communities well below market replacement cost with favorable trends.”
Park Terrace features expansive outdoor areas including a pool, putting green, walking paths and a tennis court.
The facility is Link’s eighth senior living project in Arizona. It’s Roxborough’s first in the senior/assisted living category in Phoenix, however it has three other building investments in Arizona. It runs Roxborough Fund III, a diversified investment fund focused on value-add investments.