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BRADENTON -- A three-person partnership operating as Louisa Holding LLC purchased the 64-unit Cottages of Bradenton senior-housing facility for $3.03 million.
The price equated to $47,266 per unit, or $35,588 per licensed bed.
The seven-building facility features 42,533 square feet of living space in a mixture of assisted- and independent-living and memory care on a 6.6-acre parcel. The community was built in 1989.
Roughly 70 of the 85 licensed beds were occupied at the time of the sale.
The buyers included past assisting-living operators William Kenny and Dan Engelhardt and attorney Bob VanOrsdel.
“It's in a beautiful setting; very serene,” Engelhardt says. “The buildings are all one story at the end of 24th Street. It just has a very peaceful feel like a resort area. We're thinking about upgrading the facility. We think we can make this an affordable alternative [to the typical assisted-living facility].”
The new ownership hopes to accomplish this, he says, by avoiding unnecessary amenities. The owners are also considering potentially adding beds sometime in the future.
Louisa Holding mortgaged the property to Wauchula State Bank for $826,790.91.
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