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$95M Deal Closes for Senior Living Facility

BRADENTON, FL-A joint venture becomes the new owner of the 761-unit Freedom Village of Bradenton, a continuing care retirement community in this Manatee County town.

By Melissa Kress | Updated on July 12, 2006

(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.

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