St. Pete senior living facility sells to Arizona investor
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jun 13, 2023

An assisted living and Alzheimer’s residence in St. Petersburg has sold for $29 million.

Grand Villa of St. Petersburg, located at 3600 34th St. S, was sold to an entity linked to Arizona-based Inspired Healthcare Capital, according to a Pinellas County deed. The four-story complex totals 120,784 square feet, according to the property appraiser, and has 192 units. The sale closed on June 1. The price breaks down to $151,041 per unit.

The seller was an entity linked to Michigan-based private equity investment firm ValStone Partners. The buyer also secured an approximately $7.07 million mortgage from Webster Bank NA, according to public documents.

The assisted living community offers studios and one-bedroom apartments, and amenities include a pool, movie theater, beauty barber, putting green and tennis court. The two buildings in the complex were built in 1971. Services for residents include medication management, housekeeping, chef-prepared meals and laundry.

Inspired Healthcare Capital has more than $1 billion of assets under its management, according to its website. The company also acquired Inspired Senior Living of Dunedin from ValStone Partners, which has 119 units.

Inspired Healthcare Capital has centers in Fort Myers, Pinellas Park, Largo and Melbourne. The company manages senior living communities nationwide, including Georgia, Illinois, Michigan and Oregon.