BUYER: 8220 Natures Way LLC (Health Care REIT Inc.), Toledo, Ohio
SELLER: Lakewood Senior Living LLC
PROPERTY: 8220 Natures Way, Bradenton
PRICE: $20.21 million
BUYER: 2800 60th Avenue West LLC (Health Care REIT Inc.), Toledo, Ohio
SELLER: Windsor Senior Living LLC successor by merger to Russell's Windsor LLC and Layton's Windsor LLC
PROPERTY: 2800 60th Ave. W., Bradenton
PRICE: $9.69 million
PREVIOUS PRICE: $2.14 million, January 2002
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Toledo, Ohio
PLANS, DESCRIPTION: Health Care REIT Inc. purchased two Manatee County assisted-living facilities from Windsor Senior Living. The Toledo, Ohio-based real estate investment trust purchased the 80 apartments at The Windsor of Lakewood Ranch for $20.21 million. Health Care REIT acquired the 48 units at The Windsor of Bradenton for $9.69 million.
The combined price equated to $233,592 per unit.
The Windsor of Bradenton was built nine years ago. The Windsor of Lakewood Ranch is 7 years old.
Windsor Senior Living agreed to a sale-leaseback arrangement to bring in additional capital.
“This frees us up for a possible expansion,” says Pete Russell, one of the four partners of Windsor Senior Living. “We've talked about doing an independent-living facility in Lakewood Ranch next to our [assisted-living facility] and our memory care facility. We have a property under contract. We don't have all the details worked out yet, but we are scheduled to close on the land in December. We just finished our due diligence, but we haven't started our site plan work yet with Manatee County.”
The proposed five-story independent-living facility will have 100 to 110 apartments units. Russell hopes to start construction on the new facility in January.
Russell, Cathy Layton and Tim and Gail Buchanan own Windsor Senior Living.