(To read more on the multifamily market, click here.)

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.