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Avondale land sale to lead to development of $38M assisted living and memory care facility
A group of developers plan to build a $38 million assisted living and memory care facility in Avondale.
Construction of the 131-unit facility at 207 E. Van Buren St. is expected to be completed by November 2018, said Dennis Hoth, CEO of Scottsdale-based TransEquity Development Inc.
TransEquity paid $600,000 for the 5.7-acre vacant land parcel and assembled a group of developers, including Scottsdale-based Solterra Senior Living and Phoenix-based Drive Development.
Architect for the project is Orcutt/Winslow Partnership AIA and Kitchell will build it.
Solterra, which is in the midst of $66 million worth of other assisted living projects, will operate the facility.
Judy Jones, senior advisor with SVN Desert Commercial Advisors, represented the seller, a group of investors led by Gerald Dennen.
The land had been purchased more than 20 years ago by a land speculator who brought in family and friends to invest with him, said Melissa Swader, director of marketing and administration for SVN Desert Commercial Advisors.
The property was listed for five years with the original client, a former banker and general partner for the group. After he died, Dennen, a retired CPA, took over as general partner for the group that owned the land. He said the property fell out of escrow twice during the first five years the property had been listed, before Jones took over broker representation two years ago.
“We entered into a contract to sell our property back in June 2016 that didn't close until last month," Dennen said. "During this entire time, Judy was on top of the negotiations with our buyer. She also took the time and effort to call me frequently at my home evenings to keep me updated on current developments.”
Source: Phoenix Business Journal, October 2017