Discovery Senior Living, partner building new Tampa senior facility

BUYER: Tampa Senior Housing I Propco LLC, Boca Raton
SELLER: Discovery Village at Tampa Palms LLC
PROPERTY: a portion of Brookside Trace Court and Commerce Park Boulevard, Tampa
PRICE: $2.1 million
PREVIOUS PRICE: $1.5 million, August 2013
LAW FIRM ON DEED: Meltzer Purtill & Stelle LLC, Chicago

PLANS, DESCRIPTION:
Discovery Senior Living sold a 5.4-acre parcel next to Interstate 75 to a joint venture of its private equity partner, Kayne Anderson Real Estate Advisors, and itself for $2.1 million.

The price equated to $388,889 per acre.

The sale was timed to coincide with the start of construction on the site for the new 105-unit, 120-bed Discovery Village at Tampa Palms. The senior housing facility will feature 58 beds devoted to supervised independent-living services, 48 to assisted-living and 14 for memory care. The Douglas Co. in Orlando is the general contractor constructing the 110,000-square-foot building.

The purchase entity, Tampa Senior Housing I Propco LLC, mortgaged the property to Texas Capital Bank National Association for $19.34 million.