Newmark Completes $255 Million Sale of Four-Property Seniors Housing Portfolio in the Phoenix MSA
Newmark completed the sale of LivGenerations, a four-property, Class A seniors housing portfolio in Phoenix, for $255 million.
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Rhea-AI Summary
Newmark completed the sale of LivGenerations, a four-property, Class A seniors housing portfolio in Phoenix, for $255 million. The portfolio includes 546 units across independent living, assisted living, and memory care facilities, built between 2014 and early 2022. Located in desirable submarkets near upscale retail and residences, the transaction highlights Newmark's strength in commercial real estate. For the twelve months ending September 30, 2022, Newmark reported revenues of approximately $3.1 billion.
Positive
- Successful sale of LivGenerations portfolio for $255 million.
- Portfolio consists of 546 units, enhancing Newmark's real estate offerings.
- Properties located in prime areas with high demand.
Negative
- None.
Details
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PHOENIX, Dec. 2, 2022 /PRNewswire/ -- Newmark announces the
The LivGenerations portfolio totals 546 units comprising independent living, assisted living and memory care units. The seller built all four communities—LivGenerations Agritopia, LivGenerations Ahwatukee, LivGenerations Pinnacle Peak and LivGenerations Mayo Boulevard—between 2014 to early 2022.
Located in excellent submarkets throughout Phoenix, Scottsdale and Gilbert, the properties are situated near many high-end single-family residences and brand-new multifamily communities. Each property is proximate to upscale walkable retail, including numerous shopping centers, restaurants and fitness centers.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE Newmark Group, Inc.
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