Local developer Raimund Herden has sold Superior Residences at Bluewater Bay to a Michigan-based senior living company.
By Jim Thompson | 315-4445 | @Jimtnwfdn | email@example.com
Local developer Raimund Herden has sold Superior Residences at Bluewater Bay, a senior housing development at his Bluewater Bay development off State Road 20 between Niceville and Destin, to a Michigan-based senior living company.
Terms of the sale to American House Senior Living Communities, which has developments in Michigan, Illinois and Florida, were not immediately disclosed. The sale was closed on Friday, according to Herden.
Superior Living Residences, completed two years ago, was built at a cost of $20 million as a senior living option within the larger Bluewater Bay residential resort, Herden said. The project comprises 94 independent-living apartments in a mix of one- and two-bedroom units ranging from 545 square feet to 937 square feet in size. The development also includes a heated pool, restaurant, movie theater, bar and lounge, and eight activity areas. The development offers a range of services to residents, including housekeeping, all-day dining, church services and educational seminars.
According to Herden, there were a number of companies interested in acquiring Superior Residences, but the deal was made with American House Senior Living Communities “because they had the best reputation.”
With the purchase, American House adds a seventh Florida community to its portfolio. The company has other developments in Bonita Springs, Estero, Fort Myers, Stuart, Wildwood and Zephyrhills.
Dale Watchowski, president and CEO of American House and Redico, an affiliated real estate company, said in a news release, “Bluewater Bay is a beautiful residential/resort community and American House is excited to bring our brand of senior care to the area. Mr. Herden has built a stunning community and we are honored to continue his legacy.”
With the purchase, the development will be renamed American House Bluewater Bay, according to the news release. American House has some initial plans for improvements to the property, and additional changes could be coming in the future, according to a company spokeswoman.
“We are adding WiFi to the community and purchasing a generator,” the spokeswoman said in an email. “We are going to evaluate adding additional amenities to the community after closing.”
American House will not change any leasing terms at Bluewater Bay, the spokeswoman added.
“There will be no changes to the leasing terms for current residents and no leasing changes are planned for future residents,” the email stated.
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