Lake Delray Apartments is the significant revitalization of an existing 404-unit senior community in Delray Beach, Florida. Smith & Henzy is the sole developer and majority owner. Smith & Henzy collaborated with Delray Beach Housing Authority (DBHA) to acquire and renovate the project while ensuring that DBHA remained involved as the project’s property manager. The acquisition and construction financing closing occurred in November 2016, the rehabilitation of all 404-units totaling $15.7 million was complete in 14-months, and the project achieved stabilized operations in 2019. The 404 studios, one- and two-bedroom units are affordable to households with annual incomes at or below 60% of AMI. Smith & Henzy and DBHA continue to work together daily to maintain the beautifully renovated Lake Delray Apartments, and ensure it operates successfully for years to come.