Tuesday, June 28, 2016

Two Phoenix Area Senior Facilities Sell for $75 Million

The Groves at Goodyear area map

Columbia Pacific Capital Management sold two valley senior facilities yesterday for a total of $75 million. The sales include The Oaks at Gilbert and The Groves at Goodyear, both at 134 units each. Salt Lake City-based Bridge Investment Group Partners purchased the two properties, funding the sale with $77.6 million cross-collateralized debt with Wells Fargo.

The Oaks at Gilbert is located near the southeast corner of Val Vista Drive and the 202 freeway in Gilbert, while The Groves at Goodyear is located at the northeast corner of Pebble Creek Parkway and West Virginia Avenue in Goodyear. Both assets total approximately 94,000 square feet each and include studio, one, and two-bedroom unit floorplans.

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