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BRADENTON, FL-Seniors housing assets, not always a readily available for-purchase commodity in Central Florida, have, however, attracted three national buyers to this West Central market where a $95-million deal is expected to close around May 31, the joint venture partners confirm in a prepared statement.

Prudential Real Estate Investors of New York, GMAC Commercial Mortgage Bank of Horsham, PA and American Retirement Corp. of Nashville have contracted with locally based Westport Senior Living to acquire the 760-unit Freedom Village of Bradenton for about $125,000 per unit. The GMAC bank is providing about $62 million of senior debt financing, and with Prudential, will have an 80% stake in the property.

ARC, a New York Stock Exchange-traded company, will have a 20% ownership equity and will manage the independent living component of the community. Freedom Village is comprised of 500 independent living retirement apartments, a 120-bed skilled nursing facility and a 140-bed assisted living facility.

The community generated $30 million in 2005 revenue and ended the year at 90% capacity. “This community will be a great addition to the seven other communities that we operate in the Bradenton-Tampa area,” says Bill Sheriff, chairman, president and CEO of American Retirement.

Sheriff says that with the closing of Freedom Village, his company will have over 2,700 units “in a very attractive seniors market.” The new acquisition “will continue to build our local market critical mass that provides an enhanced platform for our ancillary services strategy.”

The 28-year-old company operates 80 seniors living communities in 19 states with an aggregate unit capacity of about 15,200 units and resident capacity of about 16,900. ARC owns 31 communities outright, including 13 communities in joint ventures; leases 43 communities; and manages six communities.

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