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ST. PETERSBURG, FLA. — Senior Management Advisors Inc. (SMA) and ValStone Partners have acquired the Palazzo Di Oro, a former assisted living facility that closed in 2011 in St. Petersburg, for $2 million. The buyer plans to renovate and reopen the 150-unit community, named Grand Villa of St. Petersburg, which will offer assisted living and memory care services. Construction is expected to be complete in late 2014. The property was built as a hotel in 1971 and converted into an assisted living facility in the 1990s. A syndicate of lenders foreclosed on the property in 2011. This is the 11th senior living community SMA and ValStone have acquired, renovated and rebranded.