4 Liv Generations facilities sold for $255M - SanTan Sun News SanTan Sun News

4 Liv Generations facilities sold for $255M

December 10th, 2022 SanTan Sun News
4 Liv Generations facilities sold for $255M
Business
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By Paul Maryniak 
Executive Editor

A major player in the Valley’s network of independent-assisted living communities has pulled out of that industry to focus solely on traditional multifamily complexes.

Liv Communities sold four Liv Generations senior complexes in Ahwatukee, Gilbert, Phoenix and Scottsdale to Clearwater Living of Newport Beach, California, in a $255 million transaction earlier this month, according to Valley real estate tracker vizzda.com.

There was no announcement of the sale or Clearwater’s entry into the Valley’s senior care/living community scene. Calls to Clearwater were not returned.

Scott Brooks, CEO of Liv Communities, said his company “continues to advance its mission of helping people live fuller lives by providing hospitality-focused residential communities for people of varying ages and stages of life.

“As we exit the traditional senior living space, in addition to continuing to grow our conventional Liv multifamily portfolio of communities, we are enthusiastic about exploring a new offering, Liv+, focused on active 55+ adults,” he said in a prepared statement after this newspaper inquired about the deal.

“As for our LivGenerations portfolio, we are excited about Clearwater Living taking over as stewards for those outstanding communities and residents,” Brooks continued. “We believe Clearwater holds the same commitment to creating a vibrant and high-quality place to live and work and will help those communities flourish for years to come.”

The four properties have been rebranded as Clearwater facilities.

The properties involved in the transaction included, according to vizzda data:

• A 141-unit complex comprising two buildings built in 2016 on 7 acres on S. 50th Street near Chandler Boulevard, Ahwatukee.

• A 122-unit, two-building complex built in 2013 on 5 acres in Gilbert’s Agritopia community.

• A four-building, 181-unit complex on 14 acres that opened last year at Scottsdale Road and the Loop 101.

• A single building with 110 units built four years ago on four acres at Scottsdale and Pinnacle Peak roads.

A source said Liv Communities felt that its senior communities – which offer a range of living options from independent to assisted living to memory care – would be better served if they were under the umbrella of a larger provider that had more negotiating power for supplies and services.

Liv does have a traditional apartment complex adjacent to its former senior living complex in Ahwatukee and at one time boasted that it was designed so that younger tenants and residents of its other facility could mingle.

Clearwater Senior Living offers the same senior living options, including short-term stays, and has six complexes in California and one in Nevada in addition to its newly acquired Valley sites, according to the company’s website. It also is in the process of building a seventh facility in California.

The company has said it is expanding its footprint in the west and partnered in 2017 with The Wolff Company to run its 18 senior living complexes across seven western states.

Clearwater CEO Tony Ferro on his website states the company is committed to “providing high-quality retirement living and exceptional services for seniors and their families.”