Senior Lifestyle Corp., partner developing Lakewood Ranch ALF

BUYER: SHI-II Lakewood Ranch LLC (Senior Lifestyle Corp.), Chicago
SELLER: Lakewood Ranch Commerce Park LLC
PROPERTY: 11705 Evening Walk Drive, Lakewood Ranch
PRICE: $2.5 million
TITLE FIRM ON DEED: University Title Services, Lakewood Ranch

PLANS, DESCRIPTION:
Chicago-based Senior Lifestyle Corp. and AEW Capital Management LP purchased 6.99 acres at the corner of Lakewood Ranch Boulevard and Rangeland Parkway for $2.5 million.

The price equated to $357,654 per acre.

Senior Lifestyle, which owns, operates and develops senior housing communities, plans to start construction on a 125-bed/117-unit assisted-living apartment project on the site in December. The new facility, which is still being named, will feature 85 assisted-living beds and 40 memory-care beds.

The Starling Group will be the general contractor for the project.

Construction is currently scheduled for completion in February 2016 for the community to open a month later.

AEW Capital Management is an equity partner in the project, and Texas Capital Bank is the lender.

Senior Lifestyle has a portfolio of more than 165 communities in 26 states.