BRADENTON -- After a merger brought two Bradenton senior living communities under the control of Tennessee-based Brookdale Senior Living Solutions in early August, a third big market player has swept into town to buy Brookdale's Freedom Village for $53 million.
Under a $1.2 billion joint venture agreement with Brookdale, healthcare real estate investment company HCP Inc. takes ownership of Freedom Village and three other senior communities. The Irvine, Calif. company is investing $324 million in cash into the venture, which encompasses 14 continuing care retirement campuses.
The Freedom Village sale is the largest real estate transaction in Manatee County this year.
HCP purchased Freedom Village from a company managed by Brookdale, according to records.
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The joint venture was completed on Sept. 2. Brookdale owns 51 percent of the venture, while HCP has 49 percent.
At Freedom Village, 6406 21st Ave. W., nothing is expected to change about how the housing complex operates. Brookdale, which purchased the campus for $85 million in 2006, will continue to manage the property under the terms of the merger. Freedom Village offers independent living units, assisted living and skilled nursing services.
Julie Davis, a Brookdale spokeswoman, said her company will still manage all aspects of Freedom Village operations.
"We don't anticipate any
kinds of changes," she said. "It continues to be a Brookdale community."
Davis also said the community's executive director, Veronica Rogers, will remain in place. Rogers did not respond to a request for comment on the sale of Freedom Village.
For its investment at Freedom Village, HCP acquires more than 27 acres and 780,000 square feet of residences and other buildings, according to county property records. HCP's website states that the company owns $21.8 billion in assets.
The majority of the campuses controlled by the new joint venture are in Florida, according to HCP. They include 7,000 living units, 67 percent of which are independent living. Of the remainder, 18 percent are skilled nursing units, 11 percent assisted living and 4 percent are dedicated to memory care.
The joint venture, which was first announced in April, comes about a month after Brookdale and Seattle-based Emeritus Senior Living completed a $2.8 billion merger. Brookdale now owns and operates two former Emeritus properties in Bradenton: Emeritus at College Park, 5612 26th St. W., and Emeritus at Bradenton, 450 67th St. W.
Brookdale also operates Clare Bridge, an Alzheimer's and dementia care facility at 6101 Pointe West Blvd. in Bradenton.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027, or on Twitter @MattAtBradenton.