Five senior centers sold for $59.83 million

BUYER: Dacathlon RE Countryside LLC (principal: Christina Firth), Alpharetta, Ga.
SELLER: Diamond Senior Living I LLC
PROPERTY: 3825 Countryside Blvd., Palm Harbor
PRICE: $18.3 million
PREVIOUS PRICE: $3.65 million, January 2002

BUYER: Dacathlon RE Largo LLC (principal: Christina Firth), Alpharetta, Ga.
SELLER: Diamond Senior Living I LLC
PROPERTY: 9035 Bryan Dairy Road, Largo
PRICE: $14.63 million
PREVIOUS PRICE: $9.05 million, January 2002

BUYER: Dacathlon RE Magnolia LLC (principal: Christina Firth), Alpharetta, Ga.
SELLER: Diamond Senior Living I LLC
PROPERTY: 1507 S. Tuttle Ave., Sarasota
PRICE: $11.88 million
PREVIOUS PRICE: $2.82 million, December 1991
BUYER: Dacathlon RE Fletcher LLC (principal: Christina Firth), Alpharetta, Ga.

SELLER: Diamond Senior Living I LLC
PROPERTY: 518 W. Fletcher Ave., Tampa
PRICE: $9 million
PREVIOUS PRICE: $3.67 million, January 2002

BUYER: Decathlon RE Heritage Park LLC (principal: Christina Firth), Alpharetta, Ga.
SELLER: Diamond Senior Living I LLC
PROPERTY: 2826 Cleveland Ave., Fort Myers
PRICE: $6.01 million
PREVIOUS PRICE: $1.39 million, January 2002

LAW FIRM ON DEED: Hogan Lovells US LLP, Washington, D.C.,

PLANS, DESCRIPTION: An investment group sponsored by Alpharetta, Ga.-based Formation Capital LLC purchased five health care and rehabilitation facilities along the Gulf Coast. The investor group acquired the Countryside Rehab and Healthcare Center in Palm Harbor, Magnolia Health and Rehabilitation Center in Sarasota, Fletcher Health and Rehabilitation Center in Tampa, Largo Rehabilitation Center in Largo and Heritage Park Rehabilitation and Healthcare in Fort Myers. The five centers were purchased for a combined $59.83 million.

The Gulf Coast centers were acquired as part of a 10-property Florida portfolio sale from Diamond Senior Living. All 10 properties are leased and managed by LaVie Care Centers. Uncorroborated press reports put the total purchase price at $100 million.

“The transactions should be seamless for employees and residents,” says Christina Firth, senior vice president of Formation Capital.

Formation Capital is a private investment firm focused on senior housing and health care real estate investments.