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Sabra Health Care Holdings III

Zephyrhills senior home gets new name

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Just two months after picking up a new owner, West Winds Assisted Living Facility in Zephyrhills is no more.

The 75-bed for-profit facility is now called Rosecastle of Zephyrhills, according to a posting on the facility’s Facebook page.

West Winds Assisted Living Facility on Eiland Boulevard is now known as Rosecastle of Zephyrhills. (File photo)
West Winds Assisted Living Facility on Eiland Boulevard is now known as Rosecastle of Zephyrhills. (File photo)

“West Winds Assisted Living is now Rosecastle of Zephyrhills, and yes, we still are an assisted living and memory care facility for seniors who find that ‘it’s never too late to continue celebrating life,'” the facility said on its social media page.

Rosecastle, located at 37411 Eiland Blvd., was sold Oct. 1 to Sabra Health Care Holdings III, which lists its address in Irvine, California, according to Pasco County property records. West Winds Prime LLC was the seller, and managed the property through various companies since West Winds opened in 2008.

Sabra is a real estate investment trust that acquires senior citizen housing, memory care and skilled nursing facilities around the country. It purchased West Winds for $10.2 million, adding it to six skilled nursing facilities and three senior housing facilities Sabra purchased through the first half of 2014 for $141.5 million, according to filings at the time with the U.S. Securities and Exchange Commission.

Sabra is a real estate investment trust, or a REIT. They are financial securities that allow investors to buy ownership into a property or mortgage, rather than in a company like what would typically be found on the stock market. Investors in such projects usually earn a percentage of profit from rents or fees collected from tenants in those properties, and would receive a portion of any profits made with the REIT sells that project to someone else.

At the time of its sale in October, it was Pasco’s third-largest real estate transaction. Topping that list was the $36.1 million sale of the Arlington at Northwood apartment complex in Wesley Chapel, followed by the $16 million sale of more than 330 acres of land in Wiregrass Ranch to make way for a proposed 550-home subdivision. Both of those transactions took place in May.

New luxury apartment complex coming to Land O’ Lakes

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Wood Partners is stepping in where another developer left off, resurrecting a 311-unit apartment complex that could add even more residents along State Road 54 in Land O’ Lakes.

The Atlanta-based company announced the new project — called Alta Terra Bella — just off 20 Mile Level Road Monday, following a report on The Laker/Lutz News’ website, LakerLutzNews.com.

Developers of the new Alta Terra Bella apartments say the new Land O’ Lakes community will inject nearly $25 million into the local economy, and indirectly create nearly 400 jobs. (Michael Hinman/Staff photo)
Developers of the new Alta Terra Bella apartments say the new Land O’ Lakes community will inject nearly $25 million into the local economy, and indirectly create nearly 400 jobs. (Michael Hinman/Staff photo)

“As the Tampa Bay area continues to experience robust employment and income growth — especially in the hospitality, financial and business service industries — Pasco County will continue to grow,” said David Thompson, Wood Partners’ Florida development director, in a release. “Alta Terra Bella is ideally located near top schools, and provides convenient interstate access to employers throughout the Tampa area.”

Wood Partners closed on 52 acres of land through a subsidiary, Alta Terra Bella LP, last week. It’s located between Via Bella Boulevard and 20 Mile Level, just north of State Road 54. The developer paid Capstone Resdev LLC $4.2 million for the vacant land, according to county property records, using part of a $30 million mortgage the company received early last week from Synovus Bank.

Pasco County officials met with representatives from Wood Partners last June, where the developer shared plans to build 311 apartment units in 14 buildings. Also on the plans are a freestanding clubhouse and freestanding parking garages, with a complete build-out of more than 452,000 square feet.

The project was originally known as Viento at Terra Bella Apartments, according to documents filed with the county, with units averaging about 1,200 square feet. The parking garages would be individual, one-story units, each with six bays for vehicles or storage.

Wood Partners is not expected to waste much time in breaking ground and getting construction started. The company expects to start leasing next September through its Wood Residential Services subsidiary, according to a release, with a full completion date scheduled for May 2016.

A community like this could inject as much as $24.5 million into the local economy — including $2.5 million in taxes — that would ultimately create nearly 380 jobs, Wood Partners officials said, using a formula offered by the National Association of Home Builders.

The population within a five-mile radius of the proposed Land O’ Lakes development has exploded by 114 percent since 2000, compared to a smaller but still strong 20 percent for the rest of the Tampa Bay region, the developer said. At the same time, household incomes have risen 37 percent, with 64 percent of households generating income of more than $50,000 not far from the proposed complex.

The land for Alta Terra Bella was originally purchased in 2007 for $6.8 million by BSP/Pasco LLC, a company associated with Orlando-based developer Scott T. Boyd. However, PNC Bank filed foreclosure papers against the property in October 2011, according to county records, claiming they were owed nearly $6 million.

The bank won title to the property through is Capstone Resdev affiliate in August 2012, and the land has been on the market ever since.

The new community will be located in the same general area where Florida Medical Clinic operates its headquarters. It’s also close to 46 acres of land Academy at the Lakes purchased in August 2013 on 20 Mile Level for $2 million.

The Collier Parkway school purchased the former MacManus property for $44,000 an acre, while Wood Partners spent just under $81,000 an acre for its land. The developer plans to use just 19 acres of the site for the complex, slating the rest for conservation and other non-commercial uses.

Charlan Brock & Associates designed the community, according to a release. It will have a 9,000-square-foot clubhouse that will include a community room, fitness center, playroom, a Wi-Fi café, and a summer kitchen overlooking a swimming pool.

The community will have more than 630 surface parking lots, and 76 garage spaces for rent.

Biggest local real estate purchases of 2014

1. $36.1 million, Arlington at Northwood in Wesley Chapel
BES Northwood Fund IX LLC of Chicago purchased this 312-unit apartment complex in May and renamed it Enclave at Wiregrass.

2. $16 million, Wiregrass Ranch development in Wesley Chapel
Pasco County Associates II LLLP picked up more than 332 acres in May for a 550-home subdivision along the southern portion of State Road 56, not far from Pasco-Hernando State College’s Porter at Wiregrass Ranch campus.

3. $10.2 million, West Winds Assisted Living Facility in Zephyrhills
Sabra Health Care Holdings III purchased the 75-bed nursing home on Eiland Boulevard in October.

4. $4.7 million, Creative World School in Land O’ Lakes
Emerald Holding and Investments LLC bought the 7-year-old building and 2 acres of land on Mentmore Boulevard from Ballantrae LLC in July.

5. $4.2 million, Alta Terra Bella in Land O’ Lakes
Alta Terra Bella LP, a subsidiary of Wood Partners, purchased 52 acres of land off State Road 54 to build a new 311-unit apartment complex.
Source: Pasco County Property Appraiser

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West Winds in Zephyrhills sells to California group

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West Winds Assisted Living Facility is no longer locally owned.

The 75-bed for-profit facility, located at 37411 Eiland Blvd., in Zephyrhills, was sold Oct. 1 to Sabra Health Care Holdings III, which lists its address in Irvine, California, according to Pasco County property records.

West Winds Assisted Living Facility on Eiland Boulevard is now known as Rosecastle of Zephyrhills. (File photo)
West Winds Assisted Living Facility on Eiland Boulevard is now known as Rosecastle of Zephyrhills. (File photo)

West Winds Prime LLC was the seller. The Palm Harbor company’s ownership has essentially managed the facility through various companies since West Winds opened in 2008.

Sabra is a real estate investment trust that acquires senior citizen housing, memory care and skilled nursing facilities around the country. It purchased West Winds for $10.2 million, adding it to six skilled nursing facilities and three senior housing facilities Sabra purchased through the first half of 2014 for $141.5 million, according to its filing with the U.S. Securities and Exchange Commission.

It’s not clear how many facilities purchased recently, but a newspaper in Nashville reported the REIT closed on a facility there around the same time for $21.1 million.

Real estate investment trusts, or REITs, are financial securities that allow investors to buy ownership into a property or mortgage, rather than in a company like what would typically be found on the stock market. Investors in such projects usually earn a percentage of profit from rents or fees collected from tenants in those properties, and would receive a portion of any profits made when the REIT sells that project to someone else.

Through the end of June, Sabra already owned six skilled nursing facilities in Florida, according to the company’s website. That includes a 107-bed campus in Fort Pierce the company purchased last March as part of a two-facility, $24.5 million deal.

West Winds did not respond to a request for comment.

This is the third largest real estate transaction in Pasco this year, behind the $36.1 million sale of the Arlington at Northwood apartment complex in Wesley Chapel, and the $16 million sale of more than 330 acres of land in Wiregrass Ranch to make way for a proposed 550-home subdivision. Both of those transactions took place in May.