MorningStar Senior Living, Investcor Development and EOS Residential Investors Break Ground on 117-Unit San Tan Valley Community

SAN TAN VALLEY, Ariz. — MorningStar Senior Living, Investcor Development and EOS Residential Investors have broken ground on MorningStar at Creekside, a 117-unit assisted living and memory care community in San Tan Valley, Arizona, targeting a submarket where purpose-built senior housing inventory has historically been limited.

The two-story development, located at 37587 North Prescott Court in San Tan Valley's 85140 zip code, spans 94,810 square feet on a 5.93-acre site. The project is positioned directly across Combs Road from the Encanterra master-planned community and near Banner Ironwood Medical Center. Residents are expected to move in by 2028.

Project Details and Unit Mix

MorningStar at Creekside will offer 89 assisted living apartments and 28 memory care units. The community's design incorporates indoor and outdoor dining venues, a salon, fitness center, game room, library, landscaped courtyards and a dog park. The project is also expected to incorporate technology aimed at resident wellness and care.

Amegy Bank is providing senior construction financing for the development. MorningStar is serving as sponsor and operator, Investcor Development is acting as development partner, and EOS Residential Investors is the equity partner in the venture.

Partners and Capital Structure

The three-party structure brings together MorningStar's operational platform with Investcor Development's ground-up development experience and EOS Residential Investors' equity capital. EOS has previously co-invested in seniors housing assets alongside other operating partners, a pattern that continues with the Creekside venture.

MorningStar operates as an integrated developer, owner and operator of senior housing communities across the western United States, with a portfolio of more than 40 properties representing over 5,000 units across roughly 10 states. The company has been active in Arizona, having partnered with Clarion Partners in April 2026 in connection with the acquisition of MorningStar at Golden Ridge, a 144-unit senior housing community in Peoria, Arizona. In August 2024, a joint venture that included MorningStar completed the acquisition of MorningStar at Arcadia, an assisted living and memory care community in Phoenix's Biltmore/Arcadia area.

The Creekside project extends MorningStar's Arizona footprint into the Phoenix Southeast Valley, a submarket in Pinal County that has seen sustained residential growth driven by master-planned communities and expanding healthcare infrastructure.

Market Context: Southeast Valley Senior Housing

San Tan Valley's existing assisted living inventory has largely consisted of small, licensed residential care homes with capacities of four to ten residents. MorningStar at Creekside's 117-unit scale represents a significant step up in both size and amenity level relative to the existing local supply, positioning the project to serve residents who require more comprehensive care settings than smaller facilities can provide.

Across the broader senior housing sector, assisted living and memory care occupancies have recovered into the mid-80s to low-90s nationally, supported by aging demographics and a normalization of operations following earlier pandemic-related disruptions. Rent growth in the segment has outpaced some traditional multifamily categories, drawing continued institutional capital interest in purpose-built senior housing assets in high-growth markets.

The Phoenix Southeast Valley, anchored by master-planned residential communities and healthcare facilities including Banner Ironwood Medical Center, reflects the type of suburban growth node that has attracted senior housing developers seeking to serve established and growing older adult populations.

Outlook

With a projected opening by 2028, MorningStar at Creekside will add scaled, purpose-built senior housing capacity to a submarket where supply has been fragmented. The involvement of a regional bank construction lender alongside institutional equity capital reflects broader financing patterns in the seniors housing development sector, where bank lenders have remained active participants in ground-up projects.

MorningStar at Creekside is the latest in a series of Arizona-focused transactions for MorningStar Senior Living, reinforcing the operator's strategy of deepening its presence in western U.S. growth markets through a combination of new development and capital-partnered acquisitions.

Sources

MorningStar Senior Living — MorningStar Senior Living, Investcor Development and EOS Residential Investors Break Ground on Senior Living Community in Phoenix's Southeast Valley