HFF Announces Sale of and Financing for Phoenix-Area Seniors Housing Community
DALLAS–Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and financing for The Heritage Tradition, a 303-unit, Class A+ seniors housing community in the Del Webb master planned community of Sun City West, Arizona.
The HFF team marketed the property on behalf of the undisclosed seller, and procured the buyer, Senior Resource Group, LLC (SRG). SRG will also operate the property. Additionally, the HFF team worked on the new owner’s behalf to secure a 10-year, fixed-rate acquisition loan through a life insurance company.
The Heritage Tradition totals 303 units, of which 227 are independent living apartments, 35 are independent living cottages and 41 are assisted living units. The independent living units feature emergency call systems, fully equipped kitchens, cable TV, individual climate controls, balconies or patios and full-size washer and dryers. Cottage units also include attached one- and two-car garages.
Common area amenities include two heated swimming pools with spas, a fitness center, putting green, movie theater, beauty salon, barber shop, library, computer center, fine dining restaurant, outdoor gardens and walking paths.
Completed in three phases between 2000 and 2006, the institutionally maintained property has undergone $3.8 million in capital improvements since 2013. The Heritage Tradition is situated near the corner of N. RH Johnson Boulevard and W. Meeker Boulevard approximately 24 miles northwest of downtown Phoenix.