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BUYER: Presbyterian Retirement Communities (principals: John Milton, William Hull, Richard Sturm, Henry Keith, James Bogner and James Emerson), Orlando
SELLER: Senior Housing Services
PROPERTY: 939 Beach Drive and 535 Ninth Ave. N.E., St. Petersburg
PRICE: $9.7 million
PREVIOUS PRICE: $8 million, December 2001 and $180,000, July 2002
LAW FIRM ON DEED: Dye Deitrich Petruff & St. Paul PL, Bradenton
PLANS, DESCRIPTION: Orlando-based Westminster Communities of Florida purchased the former North Shore apartments on Beach Drive adjacent to the company's existing Westminster Palms for $9.7 million. The new ownership purchased the apartment complex with the goal of using it to increase the size of the existing active-living community.
“When you look at who Westminster serves, they typically have a much larger number of independent and active living units than what currently exists at Westminster Palms,” says Jeffrey Stern, executive director of Westminster Palms. “We are doing the preliminary design work.... and we believe we will be able to create 131 apartments there. We believe there is a need for more independent-living apartments for persons 62 and older while also strengthen our community. There are better economies of scale. This would bring us up to 235 to 240 units.”
Westminster Palms currently houses 172 units, including 106 active-independent units, 31 in a small health center and another 35 in assisted living. The complex features housekeep and dinning services and a fitness center.
Stern says the new ownership will be gutting the apartment complex to create new apartment units with full kitchen units and central air-conditioning throughout. The renovation, which is slated to start in June or July, is expected to cost about $6 million.
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