(To read more on the multifamily market, click here.)
BRADENTON, FL-American Retirement Corp. has partnered withinvestors to buy the Freedom Village of Bradenton, a 761-unitentrance fee continuing care community, for $95 million. DTZRockwood arranged the sale on behalf of the seller, WestportAdvisors.
GlobeSt.com first reported a deal was in the worksin March. The transaction, which closed late last month, also callsfor the joint venture assuming approximately $39 million inresident refund liabilities that are expected to be repaid from thefuture turnover of the independent living entrance fee units,according to New York-based DTZ Rockwood. Nashville-based ARC has20% ownership in the joint venture, with investors in a seniorhousing strategy fund managed by Prudential Real Estate Investorsowning the remaining 80%, according to a statement by ARC.
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