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The Fountains at Lake Pleasant
Independent Living Community


Property Tours are available by request through JLL
on November 6th and 13th 


Investment Highlights:

  • 86-unit independent living community with value enhancement opportunities; opportunity to increase occupancy from 75.6% to market occupancy of 90%
  • Ability to push value through the implementation of operating efficiencies reducing expenses and driving revenue
  • Recent capital infusion of ± $1.6 million renovating 98% of the units and clubhouse
  • Established community offering investors the ability to purchase a value-add property with opportunistic returns

The Fountains at Lake Pleasant presents an excellent opportunity to acquire a recently renovated asset with an extraordinary amenity base and well-polished unit finish outs. In the past two years, roughly $1.6 million in capital has been spent renovating 98% of the units and clubhouse. The Property’s renovated units feature unique layouts equipped with upgraded appliances, refinished cabinets, new carpet, and vinyl wood flooring, and updated plumbing and lighting fixtures.

Situated in the Parkridge neighborhood less than three miles east of State Highway 101, the Property provides residents with direct access to Downtown Phoenix and an abundance of nearby amenities. The large population of seniors surrounding The Fountains at Lake Pleasant continues to support the growing demand for seniors’ communities in the area.

There are more than 90,000 people aged 55+ within a 5-mile radius of the Property, which equates to approximately 45% of the total population. Additionally, the average income of the population within a one-mile radius is more than $75,000 annually, nearly 25% higher than the average annual income in the United States. This ballooning demographic and above-average purchasing power provide for an ideal setting for a successful senior living community.

Interested buyers should be aware that Seller may have acquired the Property by foreclosure or deed in lieu of foreclosure, and that Seller is selling the Property in "AS IS" CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE, EXCEPT WARRANTY OF TITLE. Prior to and/or after contracting to purchase, as appropriate, buyer will be given a reasonable opportunity to inspect and investigate the Property and all improvements thereon, either independently or through agents of buyer's choosing. Buyer shall not be entitled to, and should not, rely on Seller or its agents as to (i) the quality, nature, adequacy and physical condition of the Property including, but not limited to, the structural elements, foundation, roof, appurtenances, access, landscaping, parking facilities and the electrical, HVAC, plumbing, sewage, and utility systems, facilities and appliances, (ii) the quality, nature adequacy and physical condition of soils and geology and the existence of ground water, (iii) the existence, quality, nature adequacy and physical condition of utilities serving the Property, (iv) the development potential of the Property, its habitability, merchantability, or fitness, suitability or adequacy of the Property for any particular purpose, (v) the zoning or the legal status of the Property, (vi) the Property's or its operations' compliance with applicable codes, laws, regulations, statutes, ordinances, covenants, conditions and restrictions of any governmental, quasi-governmental entity or any other person or entity, (vii) the quality of any labor and materials, (viii) the compliance of the Property with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements including but not limited to those pertaining to the handling, generating, storing or disposing of any hazardous materials, and (ix) except as expressly provided otherwise in an executed contract of sale, the condition of title and the nature, status and extent of any right-of-way, lease, right of redemption,
possession, lien, encumbrance, license, reservation, covenant, condition, restriction and any other matter
affecting the title. Although Seller’s predecessors may have performed work, or contracted for work
performed by third parties in connection with the Property, the agents shall not be responsible to buyer or
any successor on account of any errors or omissions or construction defects of such predecessors and/or
third parties.

Seller reserves the right to withdraw any Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer. Any offer to buy must be: (i) presented in the form of a non-binding letter of intent, (ii) incorporated in a formal written contract of purchase and sale to be prepared by or on behalf of Seller and executed by both parties, and (iii) approved by any applicable federal agencies regulating Seller, Seller and such other parties who may have an interest in the Property. Neither the prospective buyer nor Seller shall be bound until execution of the contract of purchase and sale, which contract shall supersede prior discussions and constitute the sole agreement of the parties. Prospective buyers shall be responsible for their costs and expenses of investigating the Property.

The information provided and to be provided with respect to Property being marketed was obtained from a variety of sources and SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF THE INFORMATION PRESENTED OR TO BE PRESENTED WITH RESPECT TO THE PROPERTY. SELLER, AND ITS AGENTS MAKE NO REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

 

 

The Fountains at Lake Pleasant

10134 West Mohawk Lane, Peoria, AZ 85382

Sold Subject To
  • Asset Type
  • Real Estate
  • Land Area
  • 4.58 Acres
  • Year Built
  • 1986
  • Year Renovated
  • 2017
  • Number of Floors
  • 2
  • Number of Buildings
  • 10
  • Occupancy
  • 75.60%
  • Occupancy as of
  • Sep 25, 2019
  • Multifamily Type
  • Independent Living
  • Number of Units
  • 86 Units
  • Property Size
  • 94,099 Sq Ft
  • Platform Fee

    Platform fee for this transaction is 5.00% or a minimum of $25,000.

  • Cooperating Broker Fee Available!

    Cooperating brokers may be eligible for a 0.25% co-op fee if their client is the winning bidder. If you are a broker, click here to login and identify your client.

  • Auctioneer

    1. Lamar P. Fisher

      Fisher Auction Company Inc.

      License: Internet Auctions Exempt from Licensing