Senior Management Advisors, Inc. (SMA) together with its financial partner, ValStone Partners, LLC, purchased two large communities in Delray Beach, Florida. The properties are located a mile apart and include 337 independent, assisted and memory care units, plus an empty 60-bed SNF. One of the communities was at just 50% occupancy. They paid $34 million and plan to spend up to $5 million to renovate the communities, convert the empty SNF into a state-of-the art memory care facility and reposition the two primary properties in a market area that has high overall occupancy levels. After the renovations are completed, the all-in cost will be about $105,000 per unit, based on 370 reconfigured units, which is significantly below replacement cost. At stabilization, we have projected revenues and EBITDA to be between $12 and $13 million, and with based on normal operating margins, the value should increase to between $150,000 and $190,000 per unit depending on your cap rate assumptions and a range of operating income. That should be a winner. Senior Housing Investment Advisors represented the seller.