An assisted living community in Oro Valley has changed hands, with Steller Senior Living acquiring The Watermark at Oro Valley from PGIM Real Estate in a $23 million transaction. The property is located at 9005 N. Oracle Road in the Shadow Mountain Estates area, within Tucson’s northwest submarket.
The community comprises 101 assisted living units in a two-story building that was completed in 2018. According to the seller, the asset totals 83,059 square feet and sits on a 3.42-acre site. The location places residents near the intersection of Oracle Road and Hardy Road, as well as close to Tohono Chul Park and other nearby recreation areas.
Following the sale, the community is slated to be rebranded as The Ironwood at Oro Valley, Assisted Living & Memory Care. The new name reflects an expansion of the positioning to include dedicated memory care services alongside the existing assisted living offering, while maintaining the property’s focus on senior housing.
Unit configurations at the community include studio, one-bedroom, and two-bedroom layouts. Common-area amenities called out by the parties include an on-site theater, a fitness center that offers daily exercise classes, a resident lounge, a bar, and a library with a fireplace. Additional services and spaces at the property include a beauty salon and barber shop, as well as a courtyard and other outdoor gathering areas designed for resident use.
The property is situated within Oro Valley but is identified as part of Tucson’s northwest submarket, providing access to both neighborhood conveniences and regional attractions. Its location near established recreation and cultural destinations, such as Tohono Chul Park, is intended to enhance the appeal of the community for seniors seeking both on-site services and nearby amenities.
PGIM Real Estate served as the seller in the disposition, while Steller Senior Living emerged as the buyer and new owner of the community. The transaction involves a relatively modern, 2018-built facility with a full suite of on-site lifestyle and wellness features, positioning the asset for continued operation as a senior housing and care environment under its new branding.
