Discovery Village sells Forum to Kayne Anderson partnership

BUYER: Fort Myers Senior Housing I Propco LLC, Boca Raton
SELLER: Discovery Village at the Forum LLC
PROPERTY: 2619 Forum Blvd., Fort Myers
PRICE: $34 million
PREVIOUS PRICE: $2.35 million, July 2013

BUYER: Fort Myers Senior Housing IIA Propco LLC, Boca Raton
SELLER: Discovery Village at the Forum II LLC
PROPERTY: 2625 Forum Blvd., Fort Myers
PRICE: $2.24 million
PREVIOUS PRICE: $2.2 million, December 2014
LAW FIRM ON DEED: Meltzer Purtill & Stelle LLC, Chicago

PLANS, DESCRIPTION:
Discovery Senior Living sold the two-phase Discovery Village at The Forum senior housing facility to a joint venture of Kayne Anderson Real Estate Advisors and itself for $36.24 million.

The price equated to $119,984 per unit. That figure is higher than the two-year average price per square foot for multifamily space ($72,609) in Southwest Florida, according to the CoStar Group.

The first phase of the project features 66 assisted-living, 30 memory care and 30 supervised independent-living units. The second phase contains 176 independent-living units.
Amenities include a clubhouse, library and media center, movie theater, dinning room, game room, bistro and ice cream parlor, craft room, beauty salon, barbershop and an indoor heated therapy pool.

Discovery Senior Living will continue to manage and operate the community.

The Bonita Springs company formed a similar joint venture with Kayne Anderson to buy out an existing partner for the six Ashton Gardens senior housing facilities. That sale contained 1,930 units in Naples, Parkland, Sun City, Tampa, and Venice.

Kayne Anderson Real Estate Advisors, the real estate private equity arm of a multibillion-dollar investment management firm Kayne Anderson Capital Advisors LP, invests primarily in student housing, medical office space and senior housing.

The purchase entities, Fort Myers Senior Housing I Propco LLC and Fort Myers Senior Housing IIA Propco LLC, mortgaged the property to Wells Fargo Bank NA for $34.9 million.