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Nov. 8, 2013

Parkland Senior Living Community Sold Under Pre-Recession Price

By Balazs Szekely, Associate Editor

The Aston Gardens at Parkland Commons has recently been sold for $62.8 million. Boca Raton-based AG Parkland Senior Housing I, a branch of Kayne Anderson Real Estate Advisors bought the Class A facility from Discovery SAG Parkland Commons, which is affiliated with Discovery Communities in Bonita Springs.

The property is part of the Aston Gardens portfolio that has 1,930 units located throughout Florida in Naples, Parkland, Sun City, Tampa and Venice. According to the South Florida Business Journal, KeyCorp. Real Estate Capital Markets provided a $51.3 million mortgage to KAREA, which is partially backed by Fannie Mae. The community was last traded for $63.8 million in 2006, according to the article.

According to a press release, Kayne Anderson Capital Advisors’ private equity real estate arm KAREA, arm-in-arm with Discovery Senior Living, bought out Discovery’s existing partner in the Aston Gardens senior housing portfolio in early October.

The facilities offer – among others – clubhouses, restaurants, heated pools, billiards rooms, salons, and outdoor barbecuing possibilities. The Parkland Commons property is located in Broward County, between Coral Springs and Boca Raton. The community has 240 independent living apartment homes, 85 assisted living suites, and provides memory care. Additionally, residents have access to full service comforts including gourmet meals, transportation, weekly housekeeping, wellness programs, and 24/7 healthcare assistance. At the moment, the portfolio as a whole sustains an occupancy rate of 97 percent.

Photo: Parkland Clubhouse (courtesy of Aston Gardens)

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