Berkadia Completes Senior Living Sale in Tucson, Arizona
Tucson, Arizona – June 4, 2026 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of Broadway Proper, a 232-unit independent and assisted living community in Tucson, Arizona.
Senior Managing Directors Cody Tremper, Dave Fasano, Mike Garbers, and Ross Sanders of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a leading global alternative investment management firm.
Broadway Proper was purchased by a large national REIT. The sale transaction moved with incredible speed, closing within 30 days of signing the letter of intent.
Stellar Senior Living, the property’s current operator, will continue managing the community on behalf of its new owner.
Originally constructed in 1988, the community has undergone comprehensive renovations. The property has averaged over 90% occupancy for the past three years and was approximately 95% occupied at closing. Located in Tucson’s desirable Eastern Foothills submarket, Broadway Proper benefits from a significant lack of new seniors housing supply as no new competitive units are currently under construction or in lease-up within the local area.
Berkadia Seniors Housing & Healthcare leads the industry in innovative and comprehensive solutions for active adult, independent living, assisted living, memory care and skilled nursing projects across the country. In addition to deep market knowledge, the group offers a full set of advisory, underwriting, loan origination services and products including FHA, Fannie Mae, Freddie Mac, Life Company, Proprietary Bridge Lending, and Capital Markets Advisory Services.