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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 

Jones Lang LaSalle Americas, Inc., (“JLL”), in conjunction with RealINSIGHT Marketplace, is pleased to present the opportunity for qualified investors to purchase the fee simple interest in The Fountains at Lake Pleasant (the “Property”), an 86-unit, Independent Living community located in Peoria, Arizona (Phoenix MSA).

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 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 Offering

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.

 

 

 

 

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

The Fountains at Lake Pleasant

10134 West Mohawk Lane, Peoria, AZ 85382

Current Bid:
Starting Bid:

Asset Snapshot

  • 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.