Atlanta-headquartered ARA recently announced the sale of Granite Gate, a 116-unit/129-bed community located in Prescott, Arizona for $25.6 million. The four-story community consists of 91 independent and assisted living units, and 25 memory care units. Built in 1996 and last renovated in 2006, Granite Gate is located in the breathtaking Granite Dells of Prescott, Arizona. ARA’s Senior Housing specialists Ryan Maconachy and Chad Lavender represented Granite Gate Retirement Community, LLC in the sale of the asset to Five Star Quality Care, Inc.
Courtesy ARA Seniors Housing Group
“The purchase of the Granite Gate community represents a strategic acquisition for Five Star in that it allowed them to acquire a Five Star quality asset in a submarket where they don’t currently have any communities,” says Ryan Maconachy of ARA National Seniors. “Although they don’t have any other communities in Prescott, they should be able to take advantage of the economies of scale associated with having five other communities in the State of Arizona.”