Senior Management Advisors and ValStone Partners acquired two senior living facilities in Delray Beach for $34 million and they plan $5 million in renovations. Grand Villa of Delray East and Grand Villa of Delray West combine for 370 units and 40 acres. The eastern property has 141 assisted living and memory care units while the western one 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,” ValStone Partners managing director and CFO Eric Abel stated in a news release.
The renovations should be completed in early 2014 and will include a community center and a movie theater. The transaction was brokered by Mel Gamzon, of Senior Housing Investment Advisors.