Toledo, Ohio-based Health Care REIT recently acquired a Florida assisted living and memory care community for $30 million in a sale-leaseback transaction, reports the Herald-Tribune.
The REIT purchased the operation, the Windsor at Lakewood Ranch, from companies belonging to Timothy J. Buchanan and Stephen D. Russell.
The acquisition includes two buildings, one that is 70,000 square feet and another that is 35,000 square feet. Buchanan and Russell reportedly spent $9.5 million to create the 80-room assisted living center in 2005, and another $7 million to complete the memory care center in 2011.
Buchanan and Russell said they expect a “seamless” transition as far as the community’s residents are concerned, and their companies will continue to manage the operation.
For more information, access the Herald-Tribune article.
Written by Alyssa Gerace