Greystone announced its Real Estate Advisors group has closed the sale of Courtyard Towers in Mesa, AZ for $20,864,569. Sierra Capital purchased the seniors housing property from Harrison Street Real Estate Capital on June 30.
Courtyard Towers is a 175-unit independent living, assisted living and memory care community in operation since 1997. Originally built in 1985 and converted to seniors housing 12 years later, the property offers 22 independent living units, 123 assisted living units, and 30 memory care units serving the Mesa, AZ region.Cody Tremper, a Managing Director of Greystone Real Estate Advisors, led the sale for Harrison Street Real Estate Capital.
“Courtyard Towers offers a diverse range of lifestyle options and amenities for the seniors demographic group, which will ensure the community sees high occupancy for many years to come,” said Tremper.
Brian Glover of Sierra Capital, who led the partnership which acquired the property, has selected Frontier Management to provide management services for the community bringing Frontier to four Arizona locations. “This in an exceptional property with significant potential and has the features that make it very successful,” stated Glover.
Greg Roderick, Frontier’s Chief Executive Officer, is proud to add the community to Frontier’s family. “The exceptional team, rich history, and variety of services made Courtyard Towers a pleasure to become involved with,” said Roderick.
The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.