CALCAP Advisors Makes First Healthcare Property Acquisition
For Immediate Release:
CALCAP ADVISORS MAKES FIRST HEALTHCARE PROPERTY ACQUISITION
Pasadena, CA (January 22, 2019) – CALCAP Advisors is announcing that it has purchased Hawthorn Court at Ahwatukee, a memory care community in Phoenix, AZ. The 47-bed property, was purchased for $9,225,000 ($196,276 per bed/$253 per square foot) on January 18, 2019. The address is 13822 South 46th Place, Phoenix, AZ 85044.
“Hawthorn Court at Ahwatukee offered us an opportunity to purchase a newer senior healthcare community in a terrific location”, stated Edward Aloe, Managing Principal of CALCAP Advisors. “Phoenix is one of the fastest growing cities in the nation, and the Ahwatukee Foothills neighborhood is an affluent area that has become a prime destination for seniors. The community is conveniently located near Foothills Park Shopping Center and several hospitals, including Foothills Samaritan Health Center, a specialized wing of Banner Medical Center, focused on senior health issues including dementia and Alzheimer’s”.
The property was purpose-built in 2000 and renovated in 2016. The single-level design offers panoramic views of the foothills in a secured, residential environment. The property contains outdoor walking paths, inviting open spaces, and beautifully landscaped grounds. There are spacious family areas, with comfortable living rooms and fully-equipped country kitchens and dining areas. “The asset is in very good condition overall, with no major capital improvements needed in the immediate future. We are glad to be partnering with Frontier Management, a respected manager in the senior living housing industry, to care for our residents. Frontier manages more than 80 communities in a footprint spanning 12 states”, said Aloe.
“As part of CALCAP’s demographically-driven housing strategy, we are continuing to source senior and healthcare community acquisitions. We’re aggressively seeking further investment opportunities similar to Hawthorn Court at Ahwatukee throughout the Southwest in order to grow our portfolio”, stated Aloe.
About CALCAP Advisors
California Capital Real Estate Advisors, Inc., and its affiliate entities (CALCAP Asset Management I, CALCAP Properties, CALCAP Lending, and CALCAP Senior Healthcare I, collectively known as “CALCAP”), is a California based investment company founded and 2008 and headquartered in Pasadena, California. The Company sponsors alternative real estate investment opportunities focused on demographically driven housing. CALCAP has been able to consistently provide both individual and institutional investors with outstanding returns over the last 10 years. The Company’s core strategies look to actively create alpha for investors while managing risk. CALCAP currently has over $250mm in Assets Under Management. To learn more visit www.calcapadvisors.com.
Social Mission
CALCAP has created the CALCAP CARES program to encourage employees to find a way to give back to the neighborhoods where we invest. CALCAP has created “GiveTime4Autism” as its initial program which will allow employees the ability to donate unused vacation and sick days for a very worthy cause.
For more information, contact Susan Rangel at 626-208-8237 or e mail investorrelations@calcapadvisors.com.