Bridge Two Property Portfolio_Property for Sale

Various locations

Bridge Two Property Portfolio

Portfolio description

JLL Seniors Housing Capital Markets is pleased to exclusively offer for sale two seniors housing communities (“Portfolio,”). The Reserve at North Dallas in Dallas, TX and Thunderbird Senior Living in Phoenix, AZ are offered independently to the market, and prospective buyers are able to acquire each individually or together. Each community is currently managed by Stellar Senior Living.

The Reserve at North Dallas is a 273 unit independent and assisted living community that is 100% private pay. Originally built in 2000, the community offers substantial upside through continued leasing. Stellar assumed management in Q3 2024 and has ignited material improvements since then, and the community is well positioned to achieve stabilization within the next two years. The owner has invested over $11M in the community in the past decade, which equates to nearly $41,000 per unit.

Thunderbird Senior Living is a 345 unit independent, assisted living, and memory care community that is 100% private pay and located in the densely populated Glendale, Arizona submarket of Phoenix. Originally built in 1986, the property was thoroughly renovated in 2014-2015. The community offers high upside through continued leasing and margin improvement. Stellar also took over operations in 2024 and has effectuated considerable improvements since then, and the community is well positioned to achieve stabilization in 2026. The owner has invested over $12.6M in the community in the past decade, which equates to nearly $37,000 per unit.

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Attributes

Units

618

Building area gross

55,123 sm

Land area gross

6.03 ha

Buildings

Investment strategy

Value Add

Bridge Two Property Portfolio (2 Properties)

Media

Investment highlights

Pre Stabilized Performance
Each community offers value add opportunities through leasing and select capital improvements.
Low Acuity
The communities serve a low acuity resident population with only Thunderbird offering memory care.
Large Unit Sizes
There are a low number of studio units at each community, which contributes to average unit sizes that are larger than industry norms and much of the competitive set.
Infill Locations
Each community is located in a high traffic and visible corridor of their respective submarket, with close proximity to hospitals, retail/commercial, and dense residential housing developments.
Below Market Rents
Neither community presents top-of-market rents, and each offers the next owner an ability to sustainably increase rental rates throughout the holding period.
Optimal Offering Structure
In addition to each community being offered free and clear of financing and management, they are also able to be acquired independently or as a portfolio, ensuring maximum flexibility.