Apache Junction Senior Facility Sells for $4.275m or $46,467 per Door

VIZZDA—October 1st, 2012—Senior Cottages of Apache Junction was purchased by Mr. Howard Sahnow—a Forest Grove, Oregon-based operator of senior facilities. Purchase price was $4.275m with $1.23m down and $3.045m debt with Fannie Mae Low Income Tax Credit originated by Arbor Commercial Funding. The seller was Steadfast Companies, who entered a purchase agreement with Mr. Sahnow June 29th, 2012. Recorded documents indicate LNR Property Company was also involved in the property’s history.

Located at 251 N 114th Street—West of the Northwest corner of Meridian Road and Apache Trail—the 92-unit property is designated low income with 86 of 92 units reserved for affordable housing. Senior Cottages of Apache Junction was originally built in 1999 and features all 1-story buildings with individual metering.