Retirement Complex Sold for $62 Million
- May 29, 2015
Watermark Retirement Communities, a senior living company based in Tucson, AZ, sold one of its retirement communities in center City Philadelphia.
According to property records cited by the Philadelphia Inquirer, The Watermark at Logan Square changed hands earlier this month for nearly $62.3 million. The buyer was identified as SNR 21 Logan Square Owner.
Completed in 1984, the retirement community is located at Two Franklin Town Blvd. in Philadelphia’s Logan Square neighborhood. The property consists of 264 rental apartments for seniors as well as 200 assisted living units in a mix of personal care, memory care, and rehabilitation units. The 23-story building also incorporates a fitness center, restaurant, café, spa center, and below-ground parking garage.
PropertyShark data indicates that the 420,000-square-foot asset was purchased by Watermark Retirement Communities for $25 million in fall 2006.
Image courtesy of Watermark Retirement Communities