Atria Senior Living Group Inc., which operates a number of facilities for elderly people across Louisville and the US, yesterday announced that it had completed a deal to merge its real estate interests with the Ventas Inc. investment trust.

Under the terms of the deal, Ventas have paid more than $3.1 billion to acquire 118 communities for senior living as well as 25 million Ventas shares.

The 118 community portfolio was acquired through the merger of Atria and several other companies which used to own Atria-managed communities.

Just before the mergers happened, the brand new Atria Senior Living Inc. firm was spun off to the acquired companies main stockholders.

Atria Senior Living Group’s former owners are Lazard Real Estate Partners managed private equity funds. These funds are now the majority shareholders in the newly-formed Atria Senior Living Inc., and some of the old management will also become part owners too.

One, Matthew J. Lustig, who held the role of chairman, is likely to be appointed as a board member for Ventas.

“The acquisition of Atria means that Ventas is now established as the USA’s largest senior living community owner,” said Ventas CEO and chairman Debra Cafaro. “It puts us in a great position for further growth in the future.”

Atria is a respected provider of independent living, assisted living and full time care services, managing over 120 such communities in 27 US states.

Ventas Inc., based in Chicago, is a healthcare property investment trust that now has over 700 assets in its portfolio, spanning 42 states in the US, and 2 more in Canada.