CLEARWATER, Fla., Jan. 14, 2013 (GLOBE NEWSWIRE) -- Continuing a highly successful relationship that in the past has seen Senior Management Advisors, Inc. (SMA) and ValStone Partners, LLC work together on 10 senior living properties, the two organizations have announced their collaboration on two Delray Beach communities that will be known as Grand Villa of Delray East and Grand Villa of Delray West. Mel Gamzon of Senior Housing Investment Advisors was the broker on the transaction.
"This is a major undertaking that represents what the two organizations would consider 'critical mass' in terms of ideal demographics and penetration rates offered by the Delray Beach properties and their market," says Steven Piazza, president of Senior Management Advisors. "Although the two communities are currently well maintained, we should see immediate benefit from planned renovations and a more hands-on management style."
There are 370 units in the two communities, with a combination of studio, one-bedroom and two-bedroom units, most of them with full kitchens. Each property sits on 20 acres. Grand Villa of Delray East has 141 assisted living and memory care units and Grand Villa of Delray West has 196 independent living units.
"This acquisition represents a major investment in the Delray Beach community, which we plan to supplement with a multi-million dollar renovation plan," says Eric Abel, managing director and chief financial officer, ValStone Partners. "The acquisition complements our growing portfolio of properties in Florida under the Grand Villa umbrella, joining existing properties in Largo, Ormond Beach, Melbourne and Altamonte Springs."
Renovations are expected to be completed by early 2014, and the communities will remain open throughout that period. A major focus will be the conversion of the former skilled nursing unit to a state-of-the-art memory care community, due for completion by mid 2013. Additional planned amenities include development of a community center with a movie theater, as well as the application of SMA's design philosophy that combines visual appeal with functionality, technology and operational excellence.
About ValStone Partners, LLC:
ValStone Partners, LLC (http://www.valstonepartners.com), a registered investment advisor with the SEC, is a private equity investment firm with offices in Birmingham, Mich. and Baltimore, Md. ValStone Partners focuses on opportunistic investments, which include debt obligations backed by real estate, direct real estate and special situations.
About Senior Management Advisors, Inc.
Senior Management Advisors (SMA) (http://www.seniormanagementadvisors.com) is a leading operator of full service independent living, assisted living and Alzheimer's care residential communities in Florida and Georgia. SMA specializes in rejuvenating and stabilizing senior living communities for owners, financial institutions, private investors and government agencies. SMA's services include consultation, management, development and renovation of residential communities.