Courtyard Towers Sells for $21 Million

Press release just out 08 Sept 2015 @ 10:17 a.m. EST

Greystone Real Estate Advisors Closes $21M Sale of 175-Unit Mesa, AZ Seniors Housing Community
See entire release with this link:
http://globenewswire.com/news-release/2015/09/08/766738/10148543/en/Greystone-Real-Estate-Advisors-Closes-21M-Sale-of-175-Unit-Mesa-AZ-Seniors-Housing-Community.html
NEW YORK, Sept. 8, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company with offices in News York City, today announced its Real Estate Advisors group has closed the sale of Courtyard Towers in Mesa, AZ for $20,864,569.Sierra Capital and Investment Inc purchased the seniors housing property from Harrison Street Real Estate Capital on June 30.
In a listing of recent deals posted online by Western Capital located in Holladay, Utah a bridge loan of $13 Million was provided for the purchase of Courtyard Towers.
A distresses property?
Rumors have circulated for months that the property was only 50% occupied and ripe for some kind of restructuring eliciting a number of investor interests for conversion to student housing or to a mixed-use condo development.
Perhaps this very recent transaction is another signal for opportunities of real estate development and increasing property values along the extension of Valley Metro Light Rail transit into downtown Mesa.
Whether this is an acquisition or a disposition remains to be seen.

According to crunchbase.com Harrison Street Real Estate Capital, LLC is a real estate private equity firm founded in 2005. The firm currently owns real estate assets which includes over 14,500 student housing beds, 4,000 senior housing / assisted living units, over 60,900 self storage units, 2,800 dry & wet boat storage and 855,000 square feet of medical office space.
See more at: https://www.crunchbase.com/organization/harrison-street-real-estate-capital#sthash.KCINQ5Q2.dpuf

Just last month the company acquired Dwight Lofts, a 771-bed, student housing property located in Chicago’s South Loop neighborhood in a transaction of $105 Million.

Currently the firm and its affiliates manage approximately $7.5 billion in property assets and publicly traded securities through multiple investment vehicles on behalf of Sovereign Wealth Funds, Public & Corporate Pension Funds, Endowments, Insurance Companies, Foundations and Family Offices.