Link Senior Development and The Roxborough Group, LLC announced the acquisition of Park Terrace Senior Living, an amenity rich, 301-unit independent living and assisted living community in Phoenix, Arizona.
“Park Terrace is an exciting venture for Link as we plan for the next chapter of this thriving community by pulling from our extensive experience developing and operating in Arizona. As a 300-unit hub in Phoenix, Park Terrace will accelerate our operational integration in Arizona enhancing the life of our residents and providing benefit to all project stakeholders through greater efficiencies,” said Ron Ziebart, principal at Link Senior Development in a statement.
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 million 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 are 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. We look forward to working with Link to enhance the amenity base and service offerings for residents of Park Terrace.”
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 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.
JLL worked on behalf of Link to source debt and equity partners to provide execution certainty in a tight timeline transaction.