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Bruckal Developments and Ridgeline Properties acquired the former Country Inn & Suites property at 20221 North 29th Ave. for $8.3M. The buyers plan to convert the property into an assisted living and memory care community. The seller was a local LLC.
Built in 2000, the property was configured as a 126-room hotel. The 74K SF building sits on 3.3 acres and has 147 parking spaces, as well as an exterior pool and fenced patio area. The buyers will reconfigure the building into a 119-room senior housing community slated to open in early 2018.
"The hotel is an ideal conversion target, as it has suite-sized rooms and common area spaces to develop all the amenities being afforded new seniors facilities," Bruckal Developments President Steven Bruckal said.
"Pent-up demand for private pay senior housing units in this submarket motivated me to pursue an alternate use for the asset," Tim Dulany, vice president of Colliers International in Greater Phoenix, said.
Dulany facilitated the deal by finding the buyer and identifying an operator for the facility, as well as an architect willing to take on a senior housing conversion.
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