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GULF COAST — A $1.2 billion joint venture of Brookdale Senior Living Inc. and HCP Inc. purchased three Gulf Coast continuing care retirement communities for a total of $123 million.
The joint venture, which is 51% owned by Brookdale, acquired the 746-unit Freedom Village at Bradenton for $53 million, 664-unit South Port Square and its adjacent Harbour Health Center in Port Charlotte for $34 million and the 470-unit Regency Oaks and its adjacent Sylvan Rehabilitation and Health Center in Clearwater for $36 million.
The buyer purchased the South Port Square and Regency properties from an affiliate of AEW Capital Management LP of Boston. Brookdale previously owned Freedom Village.
To create the new $1.2 billion joint venture, Brookdale transferred seven communities it owned and HCP contributed another three and $324 million in cash. That cash was used to buy the three Gulf Coast properties and the 553-unit Lake Port Square in Leesburg. All four the properties were already managed by Brookdale, which will handle all the joint venture's communities.
Freedom Village features memory-care, assisted- and independent-living and skilled-nursing services. The 40-acre Regency Oaks Assisted Living offers skilled nursing and continuing care services. South Port Square, which is also 40 acres, provides assisted- and independent-living and continuing care services.
Following the four acquisitions, the joint venture will own a total of 14 communities including: the 560-unit Freedom Plaza-Sun City Center and 339-unit Lake Seminole Square and 721-unit Freedom Square in Seminole.
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