A previously licensed 10-bed assisted living home at 1436 West Liddell Drive in northwest Tucson sold for $255,000 ($93/ PSF) to William O. Holmes of Tucson.  Holmes currently operates a 10-bed assisted living home and will be moving from current leased premises to the property. The 2,754-square-foot home (built 1981) that sits on a .74 acre lot was off-market when it sold.

Mark Biery, JD, CCIM, a Senior Housing Specialist with Berkshire Hathaway Commercial Real Estate in Tucson handled the transaction, finding both off-market parties.  “A retirement-age population that is expanding constantly and low interest rates are paying dividends in the seniors housing sector right now,” according to Biery.  “High demand for senior housing properties has tightened available inventory, but investors that can find under performing assets and increase the efficiency of the operations will be rewarded. Finding the right property in the right area and navigating the legal and licensing requirements can be challenging and demands specialization.”

Biery referred to the September/October, 2014 issue of Senior Living Executive  magazine, which claimed that “while other sectors of the real estate market suffered double-digit losses [during the Recession], assisted living remained relatively flat.”  He explained, “while no sector of real estate is completely recession-proof, over the last five years, senior housing saw much less volatility than office, industrial, and especially retail.”

Baby boomers’ parents are the primary utilizers of assisted living facilities today and this group is likely to feel more comfortable with the expenditure for seniors housing when the need arises.  They also expect a higher, more specialized level of care for their parents, and they’re willing to pay for it.  As a result, demand for strong operations is high as large owners and management companies are lifting the ability to offer high prices for properties.

To learn more, Biery should be contacted at 520.235.2531.

Tucson, AZ – Revenue Cycle Center dba Shared Services Center (SSC) Tucson, a provider of business office support services and an affiliate of Northwest Medical Center and Oro Valley Hospital in southern Arizona, is expanding into 60,405-square-feet at 6223 S Palo Verde Road in Tucson. The flex industrial building had been previously occupied by Raytheon and fully built out as office space.

SSC will create 200 new jobs with the expansion and bring its total to nearly 300 employees responsible for business services including the processing of medical insurance claims, billing, appeals, insurance collection and customer service. Currently SSC is located at Northwest Medical Center with more than 85 employees. The new location will begin operations on November 1, 2014.

“Arizona’s high-skills talent pool continues to be a magnet for companies in multiple growth industry sectors,” said Sandra Watson, president and CEO, Arizona Commerce Authority. “Our state’s robust healthcare and biotechnology ecosystem is a platform for employers in related service areas to build their workforce, innovate and advance their business long term.”

Tim Healy and Bob DeLaney of CBRE Tucson represented the landlord and Rick Kleiner MBA, Principal and Office Specialist with Cushman & Wakefield | PICOR and Jim Eaton with Geis Realty Group, Inc. of Philadelphia, PA represented Community Health System’s affiliate Northwest Medical Center.

“This significant expansion will support the growth of Northwest Medical Center and Oro Valley Hospital,” Kleiner said. “Community Health Systems, Inc. headquartered in Franklin, TN is one of the nation’s leading operators of general acute care hospitals.”

The organization’s affiliates own, operate or lease 207 hospitals in 29 states with approximately 31,100 licensed beds. Northwest Medical Center is a 300-bed hospital offering a full range of healthcare services including Emergency services, accredited chest pain and heart failure programs, neurology and neurosurgery, outpatient imaging, a nationally accredited surgical weight loss program, total joint program, spine program and stroke center.

Kevin Stockton, CEO, Northwest Medical Center said, “Our hospital is dedicated to serving the Tucson area with compassionate care, and we are able to expand our commitment to this community by creating high quality jobs. We are fortunate to have a diverse and talented workforce in our region so these jobs can be filled locally.”

“Tucson is a vibrant community with a growing national reputation for attracting quality employers,” said Mayor Jonathan Rothschild. The relationship we’ve already built with this project will continue and we stand ready to assist for many years to come.”

Ward 5 Councilman Richard Fimbres had this to say, “We’re excited by the opening of a new business and 200 new good paying jobs in Ward 5. The City needs to continue to encourage as much business growth as possible.”

“We’re experiencing momentum as the Tucson region advances its economic growth, post-recession,” said Joe Snell, president & CEO, Tucson Regional Economic Opportunities, Inc. (TREO). “We appreciate the commitment that Shared Services Center Tucson is demonstrating by significantly growing jobs in southern Arizona.”

TREO’s assistance with incentive funding helped to make the SSC expansion possible.

SSC has already begun filling open positions, including management and business support positions. Interested applicants may apply by visiting the careers page at https://www.northwestmedicalcenter.com Median salary is $15-$17/hour. The project includes $5 million in capital investment, generating a $96 million economic impact.

To learn more Kleiner can be reached at 520.546.2745. DeLaney can be contacted at 520.323.5171 and Healy is at 520.323.5119. To speak with TREO call 520.243.1900 or visit www.treoaz.org.

ALTA Copper Creek, LLC an affiliate of California-based ALTA Community Management paid $4.75 million ($48,000 per unit) for the Copper Creek Apartments at 6666 East Golf Links Road in Tucson.

Located in the Eastern submarket of Tucson Copper Creek Apartments offers one and two bedroom flats, and two and three bedroom town homes. The 99-units were 90% occupied at time of sale in this stable community.

Amenities include a pool and barbeque area and the new owner plans to add solar panels and a business center to the property. Rents range from $630 to $1,099 per month with all utilities included.

The 32 building complex was built in 1973 and totals 95,761-square-feet.

The property has a somewhat walkable score of 52 and a very bikeable score of 71.

Both buyer and seller, Plaza De Vista, LLC of Tempe, AZ (Narinder & Anju Parasher, members) were represented by Hamid Panahi, Cliff David and Steve Gebing of Marcus & Millichap in Phoenix.

“Deal by deal, the Tucson multifamily market remains strong. Investors are looking for a variety of different product types to fit their individual needs and investment strategies in today’s market,” Panahi explained. “Finding stabilized properties such Copper Creek was critical for this multifamily investor that plans to optimize the property’s efficiency.”

Panahi, David and Gebing can be contacted through the office at 602.687.6700.

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[mepr-show rules=”58038″]Sale date: 9/25/2014. $950,000 down, balance new financing. Unit mix: (16) 1-bedrooms, (36) 2-bedrooms/ 1 bath, (12) 2-bedroom / 1 bath townhomes, (35) 3-bedrooms / 1.5 baths. Property was on the market for 30 days and closed escrow in 120 days. Property sold at a 7.12% cap rate.[/mepr-show]