Partnership buys Cottages of Bradenton

BUYER: Louisa Holding LLC (associated members: William Kenny, Daniel Engelhardt and Robert VanOrsdel), Port Charlotte
SELLER: The Cottages of Bradenton Inc.
PROPERTY: 5700 E. 24th St., Bradenton
PRICE: $3.03 million
PREVIOUS PRICE: $3.28 million, January 2009
LAW FIRM ON DEED: Morrison & Mills PA, Tampa

PLANS, DESCRIPTION:
A three-person partnership operating as Louisa Holding LLC purchased the 64-unit The Cottages of Bradenton senior-housing facility for $3.03 million.

The price equated to $47,266 per unit or $35,588 per licensed bed.

The seven-building facility features 42,533 square feet of living space in a mixture of assisted and independent living and memory care on a 6.6-acre parcel. The community was built in 1989.

About 70 of the 85 licensed beds were occupied at the time of the sale.

The buyer includes past assisted-living operators William Kenny and Dan Engelhardt and attorney Bob VanOrsdel.

“It's in a beautiful setting; very serene,” Engelhardt says. “We're thinking about upgrading the facility. We think we can make this an affordable alternative [to the typical assisted-living facility].”

The new ownership hopes to accomplish this by avoiding unnecessary amenities, he says. The owners are also considering potentially adding beds sometime in the future.

Louisa Holding mortgaged the property to Wauchula State Bank for $826,790.91.