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4/04/17
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Dallas-based McFarlin Group paid $2.7 mil for a 6.87-acre land parcel in Phoenix for the development of a senior assisted living and memory care community. The fully entitled parcel is located at N. 91st Ave and W. Thomas Rd, within the Algodon Medical Center and across from Banner Estrella Medical Center.
Named Mariposa Point at Algodon Center, the project is anticipated to begin construction in late 2017 with completion slated for early 2018. The assisted living and memory care community will be managed by Surpass Senior Living.
The property is planned to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents. Mariposa Point at Algodon Center will feature landscaped interior courtyards, private dining amenities, special event venues, therapy rooms and other on-site amenities. The community will also include retail space, with plans for a hair salon with spa services and a yogurt shop, which will be open to the public as well as residents of the community.
Julie Johnson and Alexandra Loye with Avison Young represented the seller, HealthSouth Corporation, one of the nation’s largest providers of post-acute healthcare services. The buyer was repped by DL Slaughter.
In 2008, Johnson assisted HealthSouth in its purchase of the land for expansion into the west valley; however, the company decided to sell the property and focus on other projects. HealthSouth currently has rehabilitation hospitals in the Arizona cities of Glendale, Mesa, Scottsdale, Tucson and Yuma.
“This location within the Algodon Medical Center and across from Banner Estrella Medical Center is ideal for senior housing, and has a growing healthcare synergy with Mainstreet’s skilled nursing project under construction as well as a Veterans Affairs (VA) facility recently locating adjacent to a medical office building,” said Johnson. ”The Phoenix area has been a strong market for senior housing product and has maintained an occupancy rate ranging between 83% and 92% since 2005. Currently, the occupancy rate is about 87%, according to the National Investment Center (NIC).”
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