Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of The Manor Village at Scottsdale, a 101-unit senior housing asset in Scottsdale, Arizona. The property sold for $27 million, or $267,327 per unit.

“Currently, approximately 25% of Scottsdale’s 230,000 residents are in the 65-plus demographic and this market segment is expected to increase 22% by 2022,” said Steve Gebing, IPA senior managing director. “The Manor Village at Scottsdale provides seniors with a comfortable, convenient living experience enhanced by Scottsdale’s award-winning healthcare options and diverse recreational opportunities.” Gebing, Cliff David, IPA senior managing director, Hamid Panahi, IPA first vice president, and Tony Cassie, Marcus & Millichap first vice president represented the seller, The Statesman Group, and procured the buyer, CPF Senior Living. Ryan Sarbinoff, vice president and regional manager, is Marcus & Millichap’s broker of record in Arizona.

The property is situated along Loop 101, the Pima Freeway, six-tenths of a mile from the HonorHealth Scottsdale Shea Medical Center and a little over five miles from the Mayo Clinic’s Scottsdale campus. There nine golf courses within a six-mile radius of the property and six million square feet of retail space within a three-mile radius. Scottsdale Fashion Square, Desert Ridge, and Phoenix Sky Harbor International Airport are 20 minutes away. The Manor Village at Scottsdale was constructed in 1998 on 2.4 acres.