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 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.