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Greystone Real Estate Advisors Closes $21M Sale of 175-Unit Mesa, AZ Seniors Housing Community

NEW YORK, Sept. 8, 2015 (GLOBE NEWSWIRE) -- Greystone, a real estate lending, investment and advisory company, today announced its Real Estate Advisors group has closed the sale of Courtyard Towers in Mesa, AZ for $20,864,569. Sierra Capital purchased the seniors housing property from Harrison Street Real Estate Capital on June 30.

Courtyard Towers is a 175-unit independent living, assisted living and memory care community in operation since 1997. Originally built in 1985 and converted to seniors housing 12 years later, the property offers 22 independent living units, 123 assisted living units, and 30 memory care units serving the Mesa, AZ region.

Cody Tremper, a Managing Director of Greystone Real Estate Advisors, led the sale for Harrison Street Real Estate Capital. "Courtyard Towers offers a diverse range of lifestyle options and amenities for the seniors demographic group, which will ensure the community sees high occupancy for many years to come," said Tremper.

Brian Glover of Sierra Capital, who led the partnership which acquired the property, has selected Frontier Management to provide management services for the community bringing Frontier to four Arizona locations. "This in an exceptional property with significant potential and has the features that make it very successful," stated Glover.

Greg Roderick, Frontier's Chief Executive Officer, is proud to add the community to Frontier's family. "The exceptional team, rich history, and variety of services made Courtyard Towers a pleasure to become involved with," said Roderick.

The Greystone Real Estate Advisors team leverages its extensive experience in providing expertise on the disposition or acquisition of seniors housing, including age-restricted communities, independent living, memory care and assisted living facilities.

About Greystone Real Estate Advisors, Inc.

Greystone Real Estate Advisors, Inc. provides services in sales and acquisitions of seniors housing property types including independent living, assisted living, memory care and skilled nursing. The team offers a full spectrum of advisory services including debt, equity, acquisition, and investment sales to funds, private equity groups, regional and national operators, not-for-profit owners and healthcare REITs.

About Greystone

Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, consistently ranking as a top FHA and Fannie Mae lender in these sectors. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, please visit www.greyco.com.

About Harrison Street Real Estate

Harrison Street Real Estate Capital LLC ("Harrison Street") is one of the leading real estate investment management firms that offers innovative investment products across both private and public real estate segments. The firm has created a series of differentiated investment products across multiple risk/return platforms. Our 70+ person team is headquartered in Chicago, Illinois. Currently the firm and its affiliates manage approximately $7.7 billion in assets on behalf of some of the world's largest institutional investors.

CONTACT: PRESS CONTACT: Karen Marotta Director of Communications, Greystone 212-896-9149 KMarotta@Greyco.com

Source: Greystone