Senior Management Advisors, ValStone buy Emeritus at Pinellas Park

Senior Management Advisors, ValStone buy Emeritus at Pinellas Park
BUYER: VS Pinellas Park LLC (Valstone Partners), Baltimore
SELLER: HCP Pinellas Park LLC
PROPERTY: 8980 49th St., Pinellas Park
PRICE: $3.39 million
PREVIOUS PRICE: $4.75 million, February 1996
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

PLANS, DESCRIPTION: Clearwater-based Senior Management Advisors Inc. and private equity investment firm ValStone Partners LLC purchased the 97-unit Emeritus at Pinellas Park for $3.39 million.

The price equated to $34,996 per unit.

The community, which is licensed to house 122 beds, is now being called the Grand Villa of Pinellas Park. It features 85 beds devoted to assisted-living and 37 beds focused on memory/Alzheimer's disease care. The 48,512-square-foot health care facility was built in 1985 and occupies a 4.9-acre parcel.

Senior Management Advisors specializes in improving and stabilizing full-service independent living, assisted-living and Alzheimer's communities. Formed in 1998, ValStone Partners handles the activities of several investment funds. As of March 31, it had $400 million of assets under management.

Earlier this year, the same joint venture of Senior Management Advisors and ValStone Partners purchased the closed assisted-living facility Palazzo Di Oro in St. Petersburg for $2 million. It has announced plans to redevelop the property and open it in late 2014 with 150 residential units.

Purchase entity VS Pinellas Park LLC added the property to a mortgage with GrandBridge Real Estate Capital LLC that now totals $258.59 million.