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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.