The 95%-leased properties were purchased from original developer Johnson Ezell Corp. of Clearwater, which will continue to manage the communities.

The properties involved are: the 438-unit, 32-acre South Port Square at 23023 Westchester Blvd, Port Charlotte, FL; the 400-unit, 70-acre Lake Port Square at 600 Lake Port Blvd. in Leesburg, FL; and the 393-unit, 34-acre Regency Oaks at 2720 Regency Oaks Blvd., Clearwater, FL. Health care facilities adjacent to the three properties contain a total 469 beds.

SHP president/CEO Craig E. Anderson tells GlobeSt.com the joint venture is hunting for more independent living, assisted living and continuing care retirement communities throughout the country. He sees this category of senior housing as a strong investment vehicle this year and in coming years.

South Port Square Phases I and II were built in 1987 and 1990; Lake Port Square Phases I and II in 1990 and 1995; and Regency Oaks Phases I and II, in 1991 and 1995.

SHP manages the Calpers joint venture and is a part of Shattuck Hammond Partners LLC, an investment banking firm focused on health care. Calpers is the nation's largest public pension fund with assets of $133 billion.

Another company competing fiercely in the senior housing investment market is Orlando-based CNL Retirement Properties Inc. In 2002 alone, the subsidiary of locally based CNL Financial Group has grown its portfolio to 58 properties totaling 3,500 units in 21 states. CNL Retirement is expected to close this quarter on a $170 million, nine-property senior housing deal in 13 states with Bethesda, MD-based Marriott Senior Living Services Inc.