PHILADELPHIA — AMC Delancey Group has formed Delancey Senior Living for the purpose of pursuing development and investment opportunities in the senior housing sector.
The newly-formed company will be seeking land within 100 miles of Philadelphia to develop independent senior living communities. Plans to partner with service-focused operators or opportunities to self-manage the communities are also in the works.
Michael Wachs, the newly promoted president and chief operating officer of Delancey Senior Living, will be responsible for executing the vision of the new company, as well as day-to-day management of AMC Delancey Group’s other investments and strategies.
“As we developed our Delancey Senior Living strategy, we were able to take advantage of our long history as an investor, developer and operator of diverse property types to address the unfulfilled needs of aging seniors,” says Wachs. “Our new business combines our expertise and understanding of real estate development with our sensitivity to how properties should be operated.”
Delancey Senior Living will focus on building new independent senior living rental apartments with services, in addition to acquisition opportunities in assisted living, memory care, continuing care retirement communities and active-adult communities.
“It has never been just about the building or real estate for us,” says Wachs. “While those are important, we feel the key to success lies in quality operations. We’re not just embarking on a new strategy, we’re setting the stage to establish a brand that will stand for outstanding service to our residents.”