Calif. Nelson Brothers firm buys Summerville at Venice

BUYER: Nelson Brothers Venice ALF LLC (principal: Patrick Nelson), Aliso Viejo, Calif.

SELLER: Emerichip Venice LLC

PROPERTY: 200 N. Nassau St., Venice

PRICE: $3.7 million

PREVIOUS PRICE: $8 million, August 2005

LAW FIRM ON DEED: Riddell Williams PS, Seattle

PLANS, DESCRIPTION: Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate LLC purchased the 90-bed Summerville at Venice assisted-living facility $3.7 million.

The price equated to $41,111 per bed.

The center was roughly 96% occupied at the time of the sale.

The investor group purchased the building to lease it to new business owner Premier Senior Living LLC. The New York City-based senior-housing operator purchased the Venice business and a New Port Richey center's business as a long-term investment, according to company co-owner Bob Borsody.

“The [Venice] property was itself very attractive,” Borsody says. “It was a former landmark hotel. More broadly, it was nicely situated in the middle of town. Plus it has been operated very well.”

The new business owner plans to retain the center's existing employees. The facility is being renamed the Summit at Venice. Borsody also plans to devote a number of units to a new specialty dementia/memory-care wing.

Premier Senior Living LLC owns and operates eight senior-care facilities principally in New York and Ohio.

The purchase entity Nelson Brothers Venice ALF mortgaged the property to Midcap Funding V LLC for $5.25 million.