Clearwater senior-living firm buys Village Place
BUYER: Village Place Retirement LLC (Terence J. McCarthy as trustee), Clearwater
SELLER: 18400 Toledo Blade LLC
PROPERTY: 18400 Cochran Blvd., Port Charlotte
PRICE: $6.2 million
PREVIOUS PRICE: $3.14 million, May 2005
LAW FIRM ON DEED: Ford & Ford PA, St. Petersburg
PLANS, DESCRIPTION: Clearwater-based real estate firm TJM Properties purchased the 92-unit Village Place assisted living facility on Cochran Boulevard east of Education Way for $6.2 million.
The purchase price equated to $67,391 per unit. The 72,713-square-foot facility is a single building with three wings and is licensed to support 114 beds.
TJM Properties will operate the facility .
The facility was purchased in conjunction with Sunset Lake Village in Venice from Tampa-based Greystone Healthcare Management Corp. The two properties are the 12th and 13th senior-living facilities owned by TJM Properties.
“In general, we find that now is a great time to be buying properties,” says Dale Schooley, acquisitions manager. “These two properties sold for a lot more money than we paid. We have appraisals on them in the $10 million range. We've never sold an assisted-living property; we're a long-term holder. This gives us three [communities] in a 40-minute drive.”
The property is well maintained, Schooley says, and very well occupied.
Prior to the purchase, TJM Properties managed 1485 independent, assisted living, memory care, and skilled nursing units, including the Oaks of Clearwater, the Spring Haven Retirement Community, The Courtyards at Berne Village, Forest Oaks, Bradenton Oaks, Lake Morton Plaza, Spring Oaks, Southern Gardens, Renaissance, The Grande and Carriage Hill.
The purchase entity Village Place Retirement LLC mortgaged the property to USAmeriBank for $9.3 million.