AMC Delancey's executive vice president and chief investment officer, Michael Wachs, has taken on the role of president and chief operating officer. He will head up the new company as well as manage AMC Delancey's other investments and strategies.

For AMC Delancey, the move marks a return to its roots as a real estate operator, relates the executive. When the firm was first established by Kenneth P. Balin in 1992, says Wachs, it handled all components of a deal itself, including operations. "Around 2000 or 2001, we basically transitioned out of operations and focused on managing the assets and providing equity to operating partners," he explains. "Over the past seven years, we've been partnering with operators on real estate deals from multifamily and industrial to retail and hospitality. We brought not just the dollars and capital, but also strategic planning and asset management. But because we're real estate guys first as opposed to investment management or financial guys, over time, we decided it was time to go back to having a direct management component. When we looked at the future and how to continue to be successful going forward, we realized we wanted to add back operating capabilities."

AMC Delancey chose to focus on the independent living space because it is less regulated and less intensive in terms of providing care than other segments of the senior living market, says Wachs. Plus, he adds, these communities are akin to hospitality assets in terms of the services they offer. "We spent a considerable amount of time looking at all the business lines we were in," he says. "We decided the senior living sector had the most opportunity for someone like us who can add value."