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Langdon Hall sells for $4.72 million

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  • | 2:04 p.m. April 27, 2012
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  • Manatee-Sarasota
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BUYER: Bradenton ALF Property LLC (principal: AVIV Financing I LLC), Chicago

SELLER: Langdon Hall Land LLC

PROPERTY: 1120 W. 33rd Ave., Bradenton

PRICE: $4.72 million

PREVIOUS PRICE: $1.9 million July 2004

LAW FIRM ON DEED: Law Office Terrance Matthews Chartered, Bradenton

PLANS, DESCRIPTION: Chicago-based Aviv REIT Inc. purchased the 80-bed, 66-unit Langdon Hall assisted-living facility for $4.72 million.

The price equated to $74,788 per unit.

The 55,275-square-foot building was 88% occupied at the time of closing.

Ohio-based Saber Healthcare Group LLC, an operator of 56 skilled nursing facilities, recently began operating the facility under a long-term lease. Aviv REIT will be the new triple-net landlord.

“We don't operate the facilities,” says Josh Kochek, vice president of investment and asset management for Aviv REIT. “We've had a relationship with the operator for a number of years. They had an interest in renting that property, and we reviewed it and thought it made sense, so we [purchased it to] lease back to the operator.”

The seller, Langdon Hall LLC, has owned the 27-year-old property for the past seven years.

One of the largest owners of skilled nursing facilities, Aviv REIT owned 235 properties and 21,500 licensed beds as of March 2. It works with 36 operators across 27 states. It owns senior nursing, assisted-living and independent-living facilities, land parcels and 10 traumatic brain injury facilities. The facility is Aviv REIT's second in Florida.

Kenneth Carriero and Damien Carriero of Colliers National Seniors Housing Group handled the transaction.


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