Link Senior Development and The Roxborough Group, LLC today announce the acquisition of Park Terrace Senior Living, an amenity rich, 301-unit independent living and assisted living community in Phoenix, Arizona.  

"Park Terrace is an exciting venture for Link as we plan for the next chapter of this thriving community by pulling from our extensive experience developing and operating in Arizona. As a 300-unit hub in Phoenix, Park Terrace will accelerate our operational integration in Arizona enhancing the life of our residents and providing benefit to all project stakeholders through greater efficiencies,” noted Ron Ziebart, principal at Link Senior Development.

The 15.3-acre campus features expansive outdoor communal areas including a resort-style pool, putting green, walking paths and tennis court, set amongst 12 residential buildings featuring one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to enhance the facilities, programming, food service and overall resident experience. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies.  

“The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” said Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an on-coming “silver tsunami” create a unique opportunity to acquire communities well below replacement cost with favorable trends. We look forward to working with Link to enhance the amenity base and service offerings for residents of Park Terrace.”  

Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months.

The acquisition marks Roxborough’s entry into the senior housing market and its fourth investment in the Phoenix area as it invests Roxborough Fund III, a diversified investment fund focused on value-add investments. 

JLL worked on behalf of Link to source debt and equity partners to provide execution certainty in a tight timeline transaction.

The Roxborough Group – a real estate private equity firm founded in 2013 that invests in all real estate asset classes, including multi-family, office, industrial, residential, retail and hospitality – has hired Nicholas Bryer as senior vice president. Bryer will be responsible for sourcing and managing investment opportunities across the United States as well as other strategic initiatives.

“We are all very excited to have Nick join our organization. His expertise, industry knowledge and deep understanding of real estate will be of great value to The Roxborough Group and our investors,” said Marc Perrin, managing partner. “His experience with a range of strategies and markets will help us continue our focus on delivering superior risk-adjusted returns.”

Most recently Bryer was vice president of investments at CIM Group where, from its Los Angeles location, he sourced investments across CIM’s debt and equity fund strategies and managed investment teams through the execution of business plans for fund assets. Prior to that he was a member of the acquisitions group at Beacon Capital Partners, a Boston-based real estate investment firm.

“I am thrilled to be a part of this exceptional organization and I’m looking forward to contributing to the continued growth and success of The Roxborough Group,” said Bryer.

Bryer holds an MBA from Kellogg School of Management, Northwestern University and earned his Bachelor of Science in Business Administration degree from University of Colorado, Leeds School of Business.

Continental Realty Advisors Ltd. “CRA”, a Denver-based owner of multifamily communities nationwide, and San Francisco-based real estate investment firm The Roxborough Group, LLC, through an affiliate of Roxborough Fund I, L.P. announced the sale of a three-community portfolio comprised of 1,194 units in Las Vegas for $137.5 million. This follows the recent sale of the 400-unit community Tesoro Ranch in Henderson, NV, also a partnership between Continental Realty Advisors, Ltd. and The Roxborough Group, LLC. 

The Las Vegas portfolio included the 440-unit Stonegate Apartments constructed in 1990/91, 402-unit Loma Vista Apartments constructed in 1998, and 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. 

“The business plan hinged on stabilizing what was perceived at the time of acquisition to be underperforming properties,” said David Snyder, Chairman & CEO of CRA. “This was achieved with strategic oversight, upgrades to the community common areas and amenities, as well as light value-add unit enhancements to appeal to the demographics of each location.” 

In total, over $5 million was invested into repairs and improvements. The execution of this plan created more desirable communities for residents and generated pleasing results for its owners, while also positioning the properties for potential full interior renovation in the future.

“CRA and Roxborough’s strategy of uncovering ‘dislocations of asset value’ proved highly effective in our ownership of these properties,” Snyder said. “I am proud of our team, from conception of the initial business plan to the hard work of the asset and renovation managers in executing our vision, as well as on-the-ground property management.”

“This portfolio validates one of Roxborough’s primary investment strategies focused on workforce housing and the fundamental imbalances between low cost housing and supply in areas of high job and net migration. This partnership spent considerable time studying the Las Vegas market and was able to acquire assets before the recent surge of capital inflows. We are very proud this partnership has successfully executed on two investments in the area and we look forward to many more,” said Matt McCormick, Managing Director of The Roxborough Group.