BUYER: 7179 40th Avenue LLC, Tampa
SELLER: Ivy Ridge Properties Inc.
PROPERTY: 7179 40th Ave. N., St. Petersburg
PRICE: $10.25 million
PREVIOUS PRICE: $1.6 million, May 2007
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa
PLANS, DESCRIPTION: Tampa-based Validus Senior Living purchased the 58-bed Ivy Ridge Living for $10.25 million.
The price equated to $176,724 per bed.
The community offers memory care services, primarily for Alzheimer's and dementia patients. The property features a number of specialized technologies to assist and protect those patients, including fall motion sensors in the residents' suites.
Validus Senior Living purchased the center along with the 78-bed Hidden Lakes Living from Mark Bouldin. That property was acquired for $11 million equal to $141,026 per unit.
Validus Senior Living did not reply to calls for additional comment prior to deadline. In a press release, the company's CEO Steven Benjamin says the purchase was done as part of the company's growth plan to expand its memory care assisted-living facility holdings, particularly in the southeast.
A third Validus Senior Living memory-care community in Sarasota is currently under development and is scheduled for completion in December.
Validus Senior Living, an affiliated of the Validus Group, provides property development, acquisition and management of senior housing.