"With the launch of Delancey Senior Living, we felt this was theright time to make this change at the top of the company," saysKenneth Balin, who founded AMCD in 1992, in a prepared release.Balin will retain the titles of chairman and CEO of AMCD and willremain active within the company. A spokesman tells GlobeSt.com thecompany is evaluating "whether or not to add additionalsenior-level executives" to the DSL team.

Wachs, who also served as AMCD's chief investment officer beforehis promotion, says in the release that DSL "allows us to return toour roots in real estate operations." The company, which opened itsfirst independent senior living community in March, cites"significant experience tending to the needs and requirements ofvarious types of guests and residents," the spokesman tellsGlobeSt.com. "The common theme is that they all expect the highestlevel of customer service, whether it is hotel guests, seniorliving residents or even office and retail tenants. We have alwaystreated people with respect, and that philosophy will carry over"into DSL properties.

DSL is actively seeking land within 100 miles of Philadelphia todevelop independent senior living communities, and the spokesmansays that radius could potentially encompass the New York City orBaltimore/Washington metro areas, both of which are within 100miles of AMCD's headquarters. The company plans to partner withservice-focused operators or self-manage the communities in orderto maintain control over the quality of the operations, accordingto the release. While DSL will initially focus on building newindependent senior living rental apartments with services, it willalso consider acquisitions as well as select opportunities inassisted living, memory care, continuing care retirementcommunities and active adult communities, the release states.