PHOENIX, AZ – Link Senior Development and The Roxborough Group, announce the acquisition of Park Terrace Senior Living, a 301-unit, amenity-rich independent and assisted living community in Phoenix, Arizona.
“Park Terrace is an exciting venture for Link as we plan the next chapter for this thriving community by leveraging our extensive development and operating experience in Arizona. As a 300-unit hub in Phoenix, Park Terrace will accelerate our operational integration in Arizona will improve the lives of our residents and provide benefits to all project stakeholders through greater efficiency,” noted Ron Ziebart, Link Senior Development Director.
The 15.3-acre campus features expansive outdoor common areas, including a resort-style pool, putting green, walking paths, and tennis court, spread among 12 residential buildings comprising one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to improve facilities, programming, food services and the overall resident experience. The partnership will also aim to make the community more sustainable by increasing water and energy efficiency.
“The substantial demand and need in the North Phoenix market for competitively priced self-contained accommodation is a very compelling story for us,” said Matthew McCormick, Managing Director of The Roxborough Group. “Additionally, we are very optimistic about senior living space as it recovers from COVID-19. Shifting demographics and an upcoming “silver tsunami” create a unique opportunity to acquire communities well below replacement cost with favorable trends. We look forward to working with Link to improve the amenity base and service offerings for Park Terrace residents.”
Park Terrace is Link’s eighth senior living project in Arizona and the third under management through its vertically integrated operations division. Link has invested in strengthening its acquisition platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months.
The acquisition marks Roxborough’s entry into the senior housing market and its fourth investment in the Phoenix area as it invests in the Roxborough Fund III, a diversified investment fund focused on value-added investments .
JLL worked on behalf of Link to find debt and equity partners to provide certainty of execution in a time-critical transaction.