Discovery Senior Living, Kayne Anderson buy out GE's interest in Aston Gardens

BUYER: AG Tampa Senior Housing I LLC (AG JV Senior Housing I LLC), Boca Raton
SELLER: Discovery AG Tampa Bay LLC
PROPERTY: 11702 Lake Aston Court, Tampa
PRICE: $63.51 million
PREVIOUS PRICE: $57.16 million, September 2006

BUYER: AG Sun City Center Senior Housing I LLC (AG JV Senior Housing I LLC), Boca Raton
SELLER: Discovery AG Sun City Center LLC
PROPERTY: 1311 Aston Gardens Court, Ruskin
PRICE: $32.26 million
PREVIOUS PRICE: $40.83 million, September 2006

BUYER: AG Sun City Courtyards Senior Housing I LLC (AG JV Senior Housing I LLC), Boca Raton
SELLER: Discovery AG Courtyards LLC
PROPERTY: 231 Courtyard Blvd., Ruskin
PRICE: $29.69 million
PREVIOUS PRICE: $51.52 million, September 2006

BUYER: AG Venice Senior Housing I LLC (AG JV Senior Housing I LLC), Boca Raton
SELLER: Discovery AG Pelican Pointe LLC
PROPERTY: 1000 Ashton Gardens Drive and 749 Pinebrook Road, Venice
PRICE: $54.52 million
PREVIOUS PRICE: $71.99 million, September 2006

BUYER: AG Naples Senior Housing I LLC (AG JV Senior Housing I LLC), Boca Raton
SELLER: Discovery AG Pelican Marsh LLC
PROPERTY: 15211 Croix Way, Naples
PRICE: $65.18 million
PREVIOUS PRICE: $68.13 million, October 2006
LAW FIRM ON DEED: Meltz Purtill & Stelle LLC, Chicago, Ill.

PLANS, DESCRIPTION: A joint venture of Kayne Anderson Real Estate Advisors and Bonita Springs-based Discovery Senior Living purchased six Aston Gardens senior-housing developments in Florida from another partnership Discovery Senior Living had with GE.

The new joint venture purchased the five communities on the Gulf Coast, with 1,688 total living units, for $245.16 million.

The price equated to $145,237 per unit.

The sale included the 326-unit Courtyards in Sun City, 375-unit Pelican Marsh in Naples, 252-unit Sun City North, 325-unit Parkland, 372-unit Tampa and the 363-unit Pelican Pointe in Venice. The properties feature a mixture of villas, independent- and assisted-living and memory care. The entire portfolio is 97% occupied.

Kayne Anderson Real Estate Advisors, the real estate private equity arm of Kayne Anderson Capital Advisors LP, is taking the majority ownership position in the new joint venture, according to Thomas Harrison, CEO of Discovery Senior Living. Discovery Management Group will continue to operate the properties.

“We are delighted that we were able to partner with KAREA in order to negotiate a buyout and keep the Aston Gardens assets in our portfolio,” Harrison says in a press release. “These properties are located in attractive markets with favorable demographic trends, and are thus well positioned to be a continued great investment for us.”