SUN VALLEY WEST, AZ-For its second Arizona acquisition, a Chicago-based joint venture has bought the 304-unit Heritage Tradition, an independent and assisted living campus from AEW Senior Housing Co. LLC, part of Boston-based AEW Capital Management LP and Ryerson Co. LLC. The $120-million purchase also included an extra 8.8 acres.
Situated on 17.23 acres at 19303 New Tradition Rd. the complex was built in two phases: the independent units rising in 2000 and assisted living component in 2004. Thirty-five additional cottages came on line just last month January under the AEW/Ryerson tenure.
Patrick Lee, vice president of acquisitions for Senior Lifestyle Corp., says the 100%-occupied Heritage Tradition fit parameters sought by the joint venture buyer, which includes Walton Street Capital LLC. "We look for high-end, independent and assisted living communities near primary markets," he says. Because the complex is so new, there are no upgrades being planned and the name will be kept. Senior Lifestyle Management is taking over day-to-day operations from locally based Ryerson.
The acquisition is the partnership's 13th nationally and second in the state. In 2006, Senior Lifestyle and Walton Capital acquired the Fountain View Village at 16455 E. Avenue of the Fountains for $49.5 million. Although both companies like the area and its prospects, Lee tells GlobeSt.com that nothing else locally is under contract or being discussed to acquire at this time.
Heritage Traditions contains 228 independent living units, each 1,097 sf, and the 35 cottages, measuring 1,258 sf. The assisted living component has 41 units, averaging 557 sf. CB Richard Ellis senior vice presidents David Rothschild and Lisa Widmier and first vice president Mary Christian brokered the deal.
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