BUYER: 831 Santa Barbara Boulevard LLC (Health Care REIT Inc.), Toledo, Ohio
SELLER: Cape Coral Senior LLC
PROPERTY: 831 Santa Barbara Blvd., Cape Coral
PRICE: $21.46 million
PREVIOUS PRICE: $1.1 million, June 2008
LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Toledo, Ohio
PLANS, DESCRIPTION: Health Care REIT Inc. purchased the 65,617-square-foot The Windsor of Cape Coral assisted-living and memory-care facility for $21.46 million.
The price equated to $255,472 per unit.
The Windsor of Cape Coral was built in 2009. It features 70 assisted-living units and another 14 devoted to memory care.
The sale of the 84-unit Cape Coral facility follows Windsor Senior Living's transfer of two Manatee County assisted-living facilities to the real estate investment trust. The Toledo, Ohio-based REIT purchased the 80-apartments of The Windsor of Lakewood Ranch for $20.21 million and the 48-unit The Windsor of Bradenton for $9.69 million.
The facilities were acquired in a sale-lease-back agreement giving Windsor Senior Living additional capital for a future expansion. The firm has already announced plans to develop an 100- to 110-unit independent living facility in Lakewood Ranch next to an existing assisted-living facility and memory-care facility.
“We don't have all the details worked out yet, but we are scheduled to close on the land in December,” says Pete Russell, one of four partners of Windsor Senior Living. “We just finished our due diligence, but we haven't started our site plan work yet with Manatee County.”
Russell, Cathy Layton and Tim and Gail Buchanan own Windsor Senior Living.