TUCSON–The largest apartment complex in the city was purchased for $20.85 million by a Phoenix-based company that plans to turn the complex into a full-service retirement center.

Christian Care Communities purchased the Villa Serenas Apartments, a 611-unit complex at 8111 E. Broadway. The purchase price translates into $34,124 per unit.

The non-profit company, sponsored by the non-denominational Christian Churches of Arizona, operates a number of retirement housing centers in the state. The non-profit has renamed the complex Fellowship Square and plans to completely refurbish the property, adding a 11,000-sf dining and recreational facility.

Chicago-based Equity Residential Trust was the seller.

The Phoenix office of CB Richard Ellis represented the seller in the negotiations.

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