AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot.
A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney.
Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency.
Construction of the assisted living community is expected to begin immediately.