PHOENIX-Senior Resource Group LLC has acquired two bank-ownedproperties: La Siena in Phoenix and Villa Hermosa in Tucson. Theseniors living communities, both of which were developed by OpusWest Corp. and opened in 2008, were sold for an undisclosedamount.

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La Siena, located in North Central Phoenix, is comprised of 190units, and Villa Hermosa, situated within the Sonoran Desert Valleyin Tucson, offers 205 units. The two properties expand SRG’sportfolio to seven communities in Arizona.

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“We are very familiar with these markets and these properties,”says Michael Grust, president and CEO of SRG. “We like haveclusters of properties, and these properties are a nice fit for ourportfolio.”

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Grust tells GlobeSt.com that SRG made an offer for the assetsand closed of the acquisitions within six weeks. La Siena and VillaHermosa are the first acquisitions SRG has made this year, and theproperties were sold with assumable debt in place.

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“In our industry, when a property has financial difficulties,families get concerned about what that means for the residents,”Grust points out. “We want to establish stability very quicklybecause we’re dealing with the fragility of the consumerpsyche.”

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Both La Siena and Villa Hermosa offer independent living with avast array of amenities that include both casual and fine diningoptions, movie theater, spa/salon, putting green, fitness center,outdoor pool and spa. Together, the properties are 30% occupied,according to Grust.

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SRG will reposition the properties to address need-drivencustomers and offer services so people can age in place. “Theseproperties were positioned as independent living focused onlifestyle, and we're adding the element of assisted living,” Grustexplains.

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