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

BRADENTON, FL-American Retirement Corp. has partnered with investors to buy the Freedom Village of Bradenton, a 761-unit entrance fee continuing care community, for $95 million. DTZ Rockwood arranged the sale on behalf of the seller, Westport Advisors.

GlobeSt.com first reported a deal was in the works in March. The transaction, which closed late last month, also calls for the joint venture assuming approximately $39 million in resident refund liabilities that are expected to be repaid from the future turnover of the independent living entrance fee units, according to New York-based DTZ Rockwood. Nashville-based ARC has 20% ownership in the joint venture, with investors in a senior housing strategy fund managed by Prudential Real Estate Investors owning the remaining 80%, according to a statement by ARC.

Freedom Village comprises five buildings totaling 896,000 sf on 34 acres. It has 500 independent living retirement apartments, a 120-bed skilled nursing facility and a 140-bed assisted living facility. The property was opened in 1984, and several development phases were completed by 1992. ARC, a senior living and healthcare provider, will manage the property and lease the assisted living and skilled nursing facilities from the joint venture.

“The comparatively limited number of existing CCRCs relative to growing senior demographics as well as the high replacement cost supports the strong demand for existing communities,” Dan McNulty, co-chairman and co-CEO of DTZ Rockwood, explains in a statement.

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

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