Principal Asset Management and IRA Capital have acquired American Groves, an institutional class-A senior living community in Gilbert, a suburb of Phoenix, Arizona, for $44.5m (€38m).
American Groves is a two-storey, 89-unit community that offers independent and assisted-living options with onsite nurses and wellness programmes, as well as amenities that include a swimming pool, theatre and fitness centre.
The community is 100% occupied and is located at South 29th Place and Elliot Road in the Phoenix metropolitan region.
Jim Halliwell, head of private real estate alternatives at Principal Asset Management, said: “American Groves exemplifies the type of high-quality, flexible senior-living community that meets both the evolving needs of residents and the long-term objectives of our investors. Its adaptable unit design and prime location in a fast-growing, affluent suburb position it well for future performance. We are pleased to partner with IRA Capital on this acquisition as we continue to expand our footprint in the senior housing sector”.
Azhar Jameeli, managing director and head of senior housing at IRA Capital, said: “This investment reinforces IRA Capital’s continued focus on healthcare real estate and the senior housing sector.
“As we execute on our strategic vision, we’re seeing meaningful growth across our portfolio, strengthening our position in key markets and advancing our long-term objective of building a nationally scaled senior housing platform. We remain confident in the long-term fundamentals of the senior housing industry and our commitment to investing in high-quality assets within growth-oriented regions”.
The sale was facilitated by JLL Seniors Housing Capital Markets on behalf of the seller, American Care Concepts and Reichmann International Realty Advisors, which developed the community in 2021.
To read the latest IPE Real Assets magazine click here.
