Cushman & Wakefield completed the sale of Zen Senior Living, located at 11645 N. 25th Place in Phoenix. Investment Concepts, Inc. of Orange County, Calif. purchased the property from FPA5 Paradise Village, LLC, formed by San Francisco-based FPA Multifamily, for $11.95 million.
Executive Managing Director Jim Crews from the Cushman & Wakefield Phoenix office represented the seller.
Zen Senior Living is a 99-unit, two-story, garden-style complex which offers one- and two-bedroom floor plan options averaging 846 square feet. Built in 1985, the property recently went under a $1.6 million renovation with upgrades made to the common areas and the interior of 82 units.
The unit upgrades include state-of-the-art appliances, full size washer/dryer, bamboo wood flooring, private balconies/patios, spacious closets and pantries. The common area enhancements included upgrades to the leasing center, clubhouse, fitness center and signage. Other features include valet trash service, pool and spa, dog park, library and covered parking.
“The buyer saw value in this property due to its stable senior resident mix and nearly 90 percent of the units being rehabbed,” said Crews.