Validus Senior Living buys Hidden Lakes Living

BUYER: 1200 54th Avenue LLC, Tampa
SELLER: Hidden Lakes Living LLC
PROPERTY: 1110 and 1200 W. 54th Ave., Bradenton
PRICE: $11 million
LAW FIRM ON DEED: Barnett Bolt Kirkwood Long & McBride PA, Tampa

PLANS, DESCRIPTION: Tampa-based Validus Senior Living purchased the 78-bed Hidden Lakes Living for $11 million.

The price equated to $141,026 per unit.

The facility provides memory-care services for Alzheimer's and dementia patients. It 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 58-bed Ivy Ridge Living in St. Petersburg from Mark Bouldin.

“This agreement is part of our strategic growth plan to expand our memory-care assisted-living offerings throughout the Southeast and beyond,” Validus Senior Living CEO Steven Benjamin says in a press release.

A third Validus Senior Living memory-care community in Sarasota is currently under development and should be completed in December.

Validus Senior Living, an affiliate of the Validus Group, provides property development, acquisition and management of senior housing.

Purchase entity 1200 54th Avenue LLC mortgaged the property and Ivy Ridge Living to KeyBank National Association for $16.8 million.