TUCSON, ARIZONA – Cushman & Wakefield announced that, as exclusive advisor to Lytle Enterprises, the real estate services firm’s Senior Housing Capital Markets team has arranged the sale of Broadway Proper, a 232-unit independent and assisted living community located in Tucson, Arizona. The community was acquired by a joint venture between Harrison Street and Stellar Senior Living.
The asset sold for $28.5 million ($122,845 per bed) according to public records.
Broadway Proper is a well-positioned and high performing asset that has recently undergone an extensive interior renovation that updated and modernized common areas to ensure continued success in a well populated seniors market that is poised for continued growth.
The Cushman & Wakefield team also represented the buyer in their pursuit of acquisition financing and was able to secure non-recourse financing that was provided by a national bank at favorable terms.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Director Dan Baker, and Associate Bailey Nygard.
“We are exceptionally pleased to have executed on behalf of both buyer and seller through a challenging time in the capital markets. The southwest continues to be an active market for our team and we look forward to continued success in the region,” said Rosenzweig.
To learn more, see RED Comp #8724.