Senior Management Advisors and ValStone Partners Collaborate on Senior Living Portfolio
Senior Management Advisors, Inc. and ValStone Partners, LLC are collaborating on two Delray Beach senior living communities to carry out renovations and introduce a more hands-on management style.
Grand Villa of Delray East and Grand Villa of Delray West have 370 total units comprised of studio, one-bedroom, and two-bedroom units, most with full kitchens, offering assisted living and memory care (Delray East) and independent living (Delray West). Each property is located on 20 acres.
“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. The communities will remain open throughout. A major focus of the project includes the conversion of a former skilled nursing unit to a 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.
Berkadia Buys Hendricks & Partners
Berkadia Commercial Mortgage has announced the acquisition of Hendricks & Partners, a multifamily investment banking company now called Hendricks-Berkadia.
The Phoenix-based acquisition is a company that advises clients on the sale, purchase, and financing of multifamily real estate, including senior housing, through its 30 offices in the U.S.
The partnership will allow both companies to expand both client-bases and services.
Warren Buffett and Ian Cummings formed Berkadia in 2009 based on the assumption that the commercial real estate market would come back from the housing market crash.
“Since the company was formed back in 2009, Berkadia has been able to steadily grow its strength and presence in the commercial real estate industry,” Buffet said in a statement. “We see Berkadia’s acquisition of Hendricks as another significant step in the growth of their multifamily expertise and services.”
Care.com Acquires Parents in a Pinch
Care.com has acquired Parents in a Pinch, a back-up child and adult care specialist, thereby broadening its service offerings for employers and members.
The terms of the transaction, which closed on Dec. 31, 2012, were not disclosed.
The acquisition is currently based in Brookline, Mass. but will relocate to Care.com’s offices. While it is now a wholly-wned subsidiary of Care.com, it will continue to be run by co-founders Barbara Siegel and Davida Manon.
“Through our existing business serving employers, we are acutely aware of the needs companies face in addressing the growing care challenges faced by their employees and their desire to do so via one provider who can offer a full scope of services,” said Sheila Lirio Marcelo, founder and CEO of Care.com, of the acquisition. “Back-up care is a critical component in that mix and with Parents in a Pinch, Care.com is now uniquely positioned to provide professional in-home back-up care assistance as an adjacency to our existing services.”
Parents in a Pinch focuses primarily on providing in-home back-up care to corporations and families, but also provides back-up care services to hotels and at group events. The company’s services will be available to Care.com members later this year, although Care.com will begin adding Parents in a Pinch’s back-up care services to its employer offerings immediately.