CLEARWATER, Fla., April 8, 2013 (GLOBE NEWSWIRE) -- Serving an important unmet need in Florida's southern Pinellas County, Senior Management Advisors, Inc. (SMA) and ValStone Partners, LLC have purchased the Palazzo Di Oro, a former assisted living facility that closed in 2011. When completed, the community, named Grand Villa of St. Petersburg, will offer both assisted living and memory care services.
"This is a wonderful property that should receive an extremely positive reception from local residents after renovation is completed in late 2014," says Steven Piazza, president, Senior Management Advisors. "We will be investing a significant amount into renovation and improvements of the interior and exterior and look forward to serving local residents in keeping with our commitment to top quality services offered in a homelike atmosphere."
This is the 11th property in the SMA and ValStone relationship, in which the two organizations have collaborated on the purchase, renovation, rebranding and management of senior living communities. The purchase price was $2 million and Piazza anticipates multi-million dollar renovations. Renovations are expected to take 18 months, after which the facility will re-open with approximately 150 units, of which 30 are expected to be memory care units. Bradley Clousing of Senior Living Investment Brokerage, Inc. facilitated the transaction and Jordan Behar of Behar + Peteranecz: Architecture is project architect.
"This acquisition is a great addition to our growing portfolio of Grand Villa properties in Florida, joining those in Delray Beach, Largo, Altamonte Springs, Melbourne and Ormond Beach," says Eric Abel, managing director and chief financial officer, ValStone Partners. "Our collaboration with SMA is not only good business, but also transforms underperforming assets into much-needed senior care communities."
Built as a hotel in 1971, Palazzo Di Oro was renovated in the 1990s and converted to an assisted living facility, with additional improvements made in 2005. In 2011 the property was foreclosed on by the syndicate of lenders.
SMA and ValStone have collaborated on previous hotel redesigns, most recently the Tides Hotel in Melbourne, Fla., which reopened in 2011 as Grand Villa of Melbourne, a 125-unit luxury assisted living and independent living facility.
Palazzo Di Oro renovations will include remodeling of the first floor to include an Internet café, library, billiards parlor, beauty salon, barber shop and private dining room; with common areas including large, comfortable lounges and activity rooms. All resident rooms will be remodeled to include kitchenettes with built-in refrigerator and microwave, spacious closets and large private baths with safety features such as handrails. Emergency alert call systems will be provided in all bedrooms and bathrooms. Exterior renovation will include landscaping, updated entrance and parking lot. "Renovations will express SMA's design philosophy that combines visual appeal with functionality, technology and operational excellence," says Piazza.
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.