Christian Care Communities purchased the Villa SerenasApartments, a 611-unit complex at 8111 E. Broadway. The purchaseprice translates into $34,124 per unit.
The non-profit company, sponsored by the non-denominationalChristian Churches of Arizona, operates a number of retirementhousing centers in the state. The non-profit has renamed thecomplex Fellowship Square and plans to completely refurbish theproperty, adding a 11,000-sf dining and recreational facility.
Chicago-based Equity Residential Trust was the seller.
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