TUCSON, ARIZONA – The Santa Rosa Care Center at 1650 N Santa Rosa Ave in Tucson sold for $17.2 million ($119,000 per bed / $433 PSF). Built in 1966, this is the first time the 39,685 square-foot masonry constructed senior living facility has changed ownership. The asset includes 2.93 acres and closed August 18, 2022.

Santa Rosa Care Center is Medicare certified, AHCCCS certified facility, fully licensed by the Arizona Department of Health Services for 144-bed Skilled Nursing and Behavioral Health Services. It has been in the same location for the past 50 years.

Its license is duly issued by the State of Arizona and includes both medical and behavioral care services to provide quality and compassionate skilled nursing and behavioral care 24 hours a day, with Board Certified Medical Director who oversees the quality care provided to residents.

The behavioral care units at Santa Rosa Care Center are gender specific and create a closely structured environment for those in need of a more heavily directed daily living experience.

The specially trained staff, including caregivers with CPI certification, are skilled in caring for those with unusual behaviors and / or memory deficits that require monitoring and intervention. These secured units have cameras as well as coded, alarm-protected entrances and exits to help provide a safer and more secure living environment.

The Behavioral Program Director is a much-respected member of the psychiatric medical community and has been directing the programs for the past 10+ years. Santa Rosa Care Center also features a specialized unit for residents with Alzheimer’s and Dementia.

Most people would prefer to live in their own homes; however, for many, there will be a time when health issues, physical limitations, or psychological impairments will require 24-hour care and assistance.

Santa Rosa Care Center professionals provide an environment where residents are comfortable, clean, and safe. They can enjoy their lives, regardless of any physical limitations. Care and services are always provided with dignity.

We understand our residents’ daily needs and their interaction with family members is certainly encouraged. Residents and their family members are requested to participate in planning and defining the goals and designing a personal plan of care with the multi-disciplined team of professionals. Together we will enhance the life experiences of all residents here at Santa Rosa Care Center.

The seller was Tucson Santa Rosa Investment, LLC, an investment entity out of California and the buyer was SR Building, LLC, a family trust in Tucson. There were not outside brokers reported involved in the sale.

To learn more, see RED Comp #10124.

GLENDALE, Ariz.– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of three-acre parcel of land located in Glendale, Arizona. The asset sold for $700,000.

“The owner, who initiated a townhouse project on the parcel in the early 1980s, has been looking for a buyer with the expertise needed see the development to completion,” stated Art Rullo, investment specialist in Marcus & Millichap’s Phoenix office. “With all of the development activity in the immediate area of the property, we received significant buyer interest and an offer above list price.” Rullo, Michael Farrar and Ross Smith, investment specialists in the firm’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a personal trust. The buyer, a limited liability company, was procured by Rullo, Farrar and Smith.

The asset is located at the Northwest Corner of West Glendale Avenue and 77^th Lane in Glendale, Arizona. Rullo added, “The current residents and HOA Board members are very happy to see the community back on track and moving towards completion.”

PHOENIX, Ariz. – Bellwether Enterprise Real Estate Capital LLC (BWE), a national commercial and multifamily mortgage banking company, announced today the closing of a $74,999,900 US Department of Housing and Urban Development 221(d)(4) loan for the construction of Legado Apartments, a multifamily property located in downtown Prescott Valley, AZ.

Jim Swanson, Executive Vice President in BWE’s Phoenix office, originated the loan through HUD’s 221(d)(4) Mortgage Insurance Program on behalf of the developer, Fain Signature Group. Fain Signature Group has been working in Prescott Valley since 1874.

“BWE is proud to have worked with Fain Signature Group to bring much-needed additional rental housing to the community,” said Swanson. “Despite some recent apartment growth, Prescott Valley is still one of the most under-served communities in Arizona. The new community, located in the heart of Prescott Valley’s Town Center, will contribute to the economic and employment growth of the region as a whole.”

Legado Apartments is a 329-unit luxury multifamily, mid-rise apartment property consisting of one-, two- and three-bedroom units. Unit amenities include Energy Star appliances, washer/dryers, patio/balcony storage and scenic views. The gated community offers electric vehicle charging stations, elevators serving all apartment floors and a parking garage. Common area amenities include a community room/clubhouse with free Wi-Fi, poolside cabanas and spa, fitness center, a picnic area with BBQ and recreation areas with a dog run and dog washing station. The property will be built to a high standard of energy efficiency and obtain an Energy Star certification at the end of construction.

As part of the mixed-use residential and commercial development project located in the Prescott Valley Entertainment District, the property will also have a rooftop restaurant open to the public and a variety of restaurants, including cafes, and retail on the first and sixth floors of the property. Upon completion, Legado Apartments will be the premier rental community in the region.

The non-recourse, fully assumable loan features a 40-year, fully amortizing loan term. The HUD-insured financing provides a combined construction and permanent loan for market rate multifamily projects, such as Legado Apartments. For more information on FHA Insured Multifamily Housing and Healthcare products visit https://www.bwe.com/fha.

BWE provides flexible financing solutions for clients covering the entire spectrum of commercial and multifamily real estate. For more information on BWE’s services, visit us at: https://www.bwe.com/.

BWE is a national, full-service commercial and multifamily mortgage banking company. Partnering with Enterprise Community Partners, Inc., BWE has production offices across the country and an integrated servicing platform based in Cleveland. With local market expertise, national lending relationships and financing structure experience, we provide clients with competitive, creative solutions for their financing needs. BWE provides loans for a range of institutional investors including life insurance companies, pension funds, commercial banks and CMBS lenders and is a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, Freddie Mac Optigo™ seller/servicer for Conventional and Targeted Affordable Housing Loans, Federal Housing Administration (FHA) approved Multifamily Accelerated Processing (MAP) lender and U.S. Department of Agriculture (USDA) Section 538 Rural Development lender.