Private-equity heavyweight KKR just wrote a check for roughly $112.3 million to snap up two Class A senior-living communities in metro Phoenix, widening its grip on the East Valley. The buy includes 285 units split between a mixed independent, assisted, and memory-care community in Mesa and a 115-unit assisted-living and memory-care campus in neighboring Gilbert. The move is another clear signal that big-money investors are chasing newer, amenity-packed senior housing in fast-growing Sun Belt suburbs.
Sale and financing
JLL Capital Markets said it marketed the portfolio on behalf of seller PGIM and represented KKR in arranging a 10-year Freddie Mac acquisition loan that will be serviced by JLL Real Estate Capital. Both communities were operating with what the industry calls stabilized performance at closing, according to JLL.
Price and split
Public records and trade reporting indicate KKR paid about $112.3 million for the two properties, with roughly $60 million allocated to the Mesa community and $52.3 million to the Gilbert campus, as reported by Multi-Housing News. The pricing, pulled from public records and industry filings, underscores how institutional capital keeps flowing into stabilized senior housing, even as investors stay choosy about what they buy.
Property snapshots
Acoya Mesa, developed by Ryan Companies and previously held by PGIM in partnership with the developer, opened in 2019 and has 170 units across independent living, assisted living, and memory care. The property leans into the resort vibe, with common areas that include a café, movie theater, game room, and library. The Watermark at Morrison Ranch, also completed in 2019, is a two-story assisted-living and memory-care campus with 115 units and Class A amenities such as three dining venues, a gym, and a tech center, according to JLL.
Deal financing details
Records show the acquisition is backed by two Freddie Mac loans that together total about $69.9 million. JLL Real Estate Capital arranged the financing and will service the loans, according to trade reporting, as reported by Multi-Housing News.
Why investors are buying
Investors have been zeroing in on newer, amenity-rich senior housing as cap rates compress and operating fundamentals recover. That trend showed up clearly in CBRE’s H2 2025 Senior Housing & Care Investor Survey. According to CBRE, 67 percent of respondents said cap rates fell during the prior six months, and many expect more compression ahead.
What this means locally
For East Valley operators and residents, the sale points to sustained appetite for high-end, professionally managed senior communities in suburban Phoenix while the new owner digs into operations and long-term plans. The initial reporting on the trade was published by ConnectCRE.
