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.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and
commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
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© 2026 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC.
Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.
In Arizona Berkadia Real Estate Advisors LLC conducts business under Mark Forrester’s Arizona Real Estate Broker Lic. #LC649418000. Mike Garbers holds Florida license #BK3300367, Cody Tremper holds Texas license #622302, Dave Fasano holds Texas license #737206, and Ross Sanders holds Missouri license #2007038807.
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.
In California, Berkadia Commercial Mortgage LLC makes or arranges loans pursuant to a California Financing Law license. Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions.
For state licensing details for the above entities, visit: http://www.berkadia.com/licensing.
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