In 2002, Smith/Packett identified an acquisition target consisting of five assisted living facilities; four along the panhandle of Florida and one in Rome, Georgia (just north of Atlanta). 

The Florida facilities offered a regional capacity of 176 units and a potential platform for a new company. The properties were located in good tertiary markets with little competition but the existing operator had let occupancy slip, resulting in only a $275,000 EBITDAR for the four Florida facilities. The Georgia facility was in a fairly competitive market and needed to be converted into a freestanding Alzheimer's/Dementia care facility to meet an unmet demand in the market.

Smith/Packett introduced the Florida portfolio to Alliance, a start up company looking for an acquisition platform to initiate their company. The portfolio required an operator with a "living above the store" operations approach. A fixed lease rate and option structure was created with Alliance for the Florida facilities. 

Over the next 12 months, Alliance was able to increase the EBITDAR to over $1.2 million and approached Smith/Packett about exercising their option early.

The Rome Georgia facility was sold to a local owner/operator who already operated two local assisted living facilities and wanted to add Alzheimer's/Dementia care to their services.