**KKR Acquires Two Arizona Senior Housing Properties for $112.3 Million**
KKR has acquired a senior housing portfolio in the Phoenix area for $112.3 million. The acquisition includes two properties totaling 285 units, which were sold by PGIM.
According to CommercialEdge, JLL Real Estate Capital facilitated the transaction with two Freddie Mac loans totaling $69.9 million. JLL Seniors Housing Capital Markets represented PGIM in the sale and also secured financing for KKR.
One of the properties involved in the transaction is The Watermark at Morrison Ranch, a 115-unit community in Gilbert, Arizona. This property sold for $52.3 million. Completed in 2019, The Watermark at Morrison Ranch offers assisted living and memory care services within a two-story building. Key amenities include three dining venues, a fitness center, tech center, and a library.
The second community, Acaya Mesa, located in Mesa, Arizona, comprises 170 units and was sold for $60 million. Also completed in 2019, the three-story building features independent living, assisted living, and memory care units. PGIM co-owned this community in partnership with its developer, Ryan Companies.
This acquisition marks a significant investment by KKR in Arizona’s senior living sector, reflecting continued investor interest in high-quality, service-enriched communities in growing Sun Belt markets.
