Buyer plans conversion to assisted living and memory care community
Phoenix, June 22, 2017 – Tim Dulany with Colliers International in Greater Phoenix negotiated the sale of a former Country Inn & Suites property for $8,336,000.
A partnership between Bruckal Developments and Ridgeline Properties purchased the property at 20221 N. 29th Avenue in Phoenix. The buyer plans to convert the property into an assisted living and memory care community for seniors.
“This is one of the most creative and complex real estate transactions I have brokered in my career,” said Dulany, vice president with Colliers and member of the National Senior Housing Group. “Pent-up demand for additional private pay senior housing units in this submarket motivated me to pursue that possibility as an alternate use for this asset.
The endeavor involved finding a buyer/developer for the project, identifying a creative and experienced operator for the facility, and finding an architect/designer with senior housing expertise who was willing to take on this unique senior housing conversion”
The sale transaction required more than 11 months of coordination. PV Deer Valley, LLC, a joint venture partnership between PacVentures LLC and RA Rauch & Associates was the seller. Bruckal Developments (Myles Bruckal and Steve Bruckal), is a family-owned, Arizona-based company with real estate assets in the U.S. and Canada. Ridgeline Properties is a leading senior housing development and property management company based in Oregon.
Built in 2000, the property offers four stories of space and was configured as a 126-room hotel. The 74,000-square-foot building sits on 3.33 acres of land, has 147 parking spaces, an exterior pool and a fenced patio area. The buyer/developer plans to reconfigure the building into a 119-room senior housing community, which is slated for opening in February 2018.
"This hotel is an ideal conversion target, as it has large suite-size rooms and plentiful common area spaces to develop all the amenities being afforded new seniors facilities today. The extensive outdoor space and view make it especially attractive and sets it apart from most modern offerings in the Phoenix marketplace," said Steven Bruckal, president of Bruckal Developments, Phoenix.
Bruckal Developments, led by Steven Bruckal, has been active in added-value opportunities in the Phoenix market for the past 10 years, focusing on apartment renovation and infill construction. The company has built and operated seniors facilities in Canada for a 10-year period from 1999 to 2009. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.
Ridgeline Properties, LLC, is the acquisition and development arm of the Ridgeline Group of companies. Ridgeline Properties addresses the real estate aspects of the acquisition and development process, in order to effectively transition operations to Ridgeline Management Company. RMC currently manages more than 2,000 beds in 11 different states, with a focus on expanding in regionals with existing operations. RMC is based in West Linn, Oregon, and will be responsible for daily operations once the facility is open.
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Colliers International in Greater Phoenix has served clients locally and globally for more than 35 years.