The Canopy at Duval Station, a two-story assisted-living and memory-care community in North Jacksonville, sold for $17.5 million on Feb. 13. The property at 1035 Starratt Road sits on roughly 8.7 acres and includes about 64 private living units across a building that various sources put at roughly 47,000 to nearly 50,000 square feet. The buyer is an Orlando-based firm tied to Foundry Commercial and the seller was Rimrock Cos., which developed the project.
According to the Jacksonville Daily Record, Foundry Commercial of Orlando purchased the community through FOF 3 Duval Station FL Owner LLC and took out an $11.46 million mortgage from First Citizens Trust of New York on Feb. 13. The report says Rimrock Cos. sold the property through Duval Station Holdings LLC.
About the community
The Canopy provides assisted-living and memory-care services with studio, one- and two-bedroom floor plans and a mix of villa, cottage and apartment configurations, as listed on the community website. Amenities include restaurant-style dining, crafts and game rooms, a beauty salon and scheduled transportation. Developer and operator materials indicate Marlin Construction led the build and that SRI Management operates the community, with the project originally marketed at roughly 47,000 square feet as the developer launched the site.
Deal details and background
Public records show the land for the community sold for $875,000 in July 2021, and local reporting says the facility was built in 2022 with a reported construction value near $6.19 million, per the Jacksonville Daily Record. Those earlier numbers make the latest sale a considerable premium for the site and help explain why buyers are paying up for stabilized senior-living assets in the market.
Why investors are buying seniors housing
Foundry has been expanding in senior housing, notably buying a 24-property Spring Arbor portfolio in 2022, a move industry coverage says reflects strong investor appetite for assisted-living and memory-care properties, according to REBusiness Online. Purchases like the Canopy commonly combine mortgage financing with an experienced operator to preserve steady income streams while investors seek longer-term value.
SRI Management remains listed as the community operator on the facility website, and The Canopy's site provides contact information and service details for residents and families. The sale shifts ownership but, for now, day-to-day operations appear set to continue under the existing management team; residents should consult the community website for the latest updates.
