In the transaction, ARC also assumed some resident refund liabilities that are generally paid out of the entry-fee units. The acquisition was completed through a joint venture owned 20% by ARC and 80% by investors in a senior housing strategy fund managed by Prudential Real Estate Investors, the real estate investment management business of Prudential Financial, Inc.

Ross Roadman, ARC senior vice president of investor relations and strategic planning, tells GlobeSt.com that the property is a good fit with the company's portfolio. "We have a large presence already in the Tampa area," Roadman says. "It was a good fit from a geographic and product line standpoint."

Capmark Bank provided approximately $62 million of senior mortgage debt financing for the transaction. The remainder of the purchase price was funded by proportional capital contributions from the members of the joint venture.

ARC will manage the independent living apartments and lease the assisted living and skilled nursing facilities from the joint venture. ARC operates 83 senior living communities in 19 states. The company owns 34 communities (including 14 in joint ventures), leases 44 communities and manages five communities pursuant to management agreements.