Brookdale, HCP joint venture pays $123M for three Gulf Coast communities

MULTI-COUNTY TRANSACTION
Brookdale, HCP joint venture pays $123M for three Gulf Coast communities

BUYER: CCRC Propco-Bradenton LLC (officers: Lauralee Martin, Matthew Brill, Christine Garvey, James MeArcer, Michael McKee, Brian Cartwright, Peter Rhein, Joseph Sullivan and Brian Maas), Irvine, Calif.
SELLER: Freedom Village of Bradenton LLC
PROPERTY: 6501 17th Ave. W., additional properties along the 6000 block of 17th Ave. Court West, and 6404 21st Ave. W., Bradenton
PRICE: $53 million
PREVIOUS PRICE: $85 million, May 2006

BUYER: CCRC -Regency Oaks LLC, Chicago, Ill.
SELLER: Regency Oaks LLC
PROPERTY: 2701 and 2720 Regency Oaks Blvd., Clearwater
PRICE: $31.89 million
PREVIOUS PRICE: $26.88 million, February 2003

BUYER: CCRC South Port Square LLC (BKD CCRC OPCO Holdco Member LLC), Brentwood, Tenn.
SELLER: South Port Square LLC
PROPERTY: 23023, 23033, 23043 and 23053 Westchester Blvd., Port Charlotte
PRICE: $23.03 million
PREVIOUS PRICE: $35.04 million, February 2003

BUYER: CCRC South Port Square LLC (BKD CCRC OPCO Holdco Member LLC), Brentwood, Tenn.
SELLER: Harbour Health Properties LLC
PROPERTY: 23013 Westchester Blvd., Port Charlotte
PRICE: $10.97 million
PREVIOUS PRICE: $1.14 million, February 2003

BUYER: CCRC -Regency Oaks LLC, Chicago, Ill.
SELLER: Sylvan Health Properties LLC
PROPERTY: 2770 Regency Oaks Blvd., Clearwater
PRICE: $4.11 million
PREVIOUS PRICE: $430,000
LAW FIRM ON DEED: WilmerHale LLP, Boston

PLANS, DESCRIPTION:
A $1.2 billion joint venture of Brookdale Senior Living Inc. and HCP Inc. purchased three Gulf Coast continuing care retirement communities for a total of $123 million.

The joint venture, which is 51% owned by Brookdale, acquired 746-unit Freedom Village at Bradenton for $53 million, 664-unit South Port Square and its adjacent Harbour Health Center in Port Charlotte for $34 million and the 470-unit Regency Oaks and its adjacent Sylvan Rehabilitation and Health Center in Clearwater for $36 million.

The buyer purchased the South Port Square and Regency properties from an affiliate of AEW Capital Management LP of Boston. Freedom Village was previously owned by Brookdale.

To create the new $1.2 billion joint venture, Brookdale transferred seven communities it owned and HCP contributed another three and $324 million in cash. That cash was used to buy the three Gulf Coast properties and the 553-unit Lake Port Square in Leesburg. All four of the properties were already managed by Brookdale, which will handle all the joint venture's communities.

Freedom Village features memory-care, assisted- and independent-living and skilled-nursing services. The 40-acre Regency Oaks Assisted Living offers skilled nursing and continuing care services. South Port Square, which is also 40 acres, provides assisted- and independent-living and continuing care services.

Following the four acquisitions, the joint venture will own a total of 14 communities including: the 560-unit Freedom Plaza - Sun City Center and 339-unit Lake Seminole Square and 721-unit Freedom Square in Seminole.