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Freedom Village goes for $95m red-hot FL.

DTZ Rockwood, on behalf of Westport Advisors, has arranged the sale of Freedom Village, a 761 unit entrance-fee based continuing care retirement community (CCRC) facility located in Bradenton, Manatee County, Florida, for $95,000,000. In addition, the purchaser assumed approximately $39,000,000 in resident refund liabilities that are expected to be repaid from the future turnover of independent living entrance fee units.

The purchase is a joint venture 20% owned by American Retirement Corp.(ARC) and 80% by investors in a senior housing strategy fund managed by Prudential Real Estate Investors. ARC will manage the independent living facility. Capmark Bank provided approximately $62,000,000 of senior mortgage debt for the transaction.

The Freedom Village CCRC campus, located within the predominately residential neighborhood of Bradenton, is situated on more than 34 acres, and is comprised of 761 beds/units in five buildings totaling approximately 896,000 square feet. The campus was opened in 1984, and underwent several phases of development that were completed by 1992. The campus provides a full range of personal services and healthcare options which include an independent living retirement center with 501 luxury apartments and villas, a nursing center licensed for 120 skilled-nursing beds, and an assisted living facility licensed for 140 units.

According to Dan McNulty, Co-Chairman and Co-CEO of DTZ Rockwood, "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."

DTZ Rockwood is a full-service real estate investment banking firm headquartered in New York with offices in Atlanta, Chicago, Dallas, Kansas City, Miami, Orlando, Palm Beach Gardens and Mexico City. The firm provides a broad range of research-driven real estate investment banking services to institutional and private investor clients on a national and global basis through four fully integrated groups: Investment Sales, Financial Services, Investment Services and Hospitality Services. The firm also provides its services regarding real estate assets and operating entities located in Mexico.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jul 19, 2006
Words:330
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