Top1031

Inspired Living at Delray Beach (The Heritage at Delray)

Senior housing property in Delray Beach, FL · sponsored by Inspired Healthcare Capital

HistoricalIn bankruptcy or distress since Feb 2026 · last Form D Dec 12, 2022dm.epiq11.com (opens in a new tab)

Inspired Living at Delray Beach (The Heritage at Delray) was a DST sponsored by Inspired Healthcare Capital that owned a senior housing property in Delray Beach, FL (259 units). In bankruptcy or distress since Feb 2026.

How it ended

Lost or impaired investor capital

In bankruptcy or distress since Feb 2026.

Since
Feb 2, 2026

Source: cited report (opens in a new tab)

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$34,841,317
Equity offered, per the Form D
Sold
3.5%
Form D, Dec 12, 2022; the % is our arithmetic
Investors reported
1
Form D, Dec 12, 2022
Selling commissions
$3,135,719 · 9.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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Ask a 1031 specialist about this recordFree. About: Inspired Living at Delray Beach (The Heritage at Delray). Top1031 is not a broker-dealer.

What did the Trust own?

Independent reporting says Inspired Healthcare Capital bought the community — then called The Heritage at Delray — from ValStone Partners for $52.3 million, at 5858, 5859 and 5861 Heritage Park Way in unincorporated Palm Beach County near Delray Beach. 3 The community offers independent living, assisted living and memory care. 4 The same addresses now operate publicly as Azalea at Delray Beach under Leisure Care. 5

Reported location
Delray Beach, FL
Property size
259 units

How was it financed, and what did it cost to sell?

The Real Deal reported that at acquisition Inspired Healthcare assumed a $25.5 million existing mortgage and added a $980,000 loan, totaling $26.5 million of financing. 3 A Form D carries no debt disclosure, and no primary mortgage record tied to the Trust was located, so the leverage borne by investors is unconfirmed.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$3,135,719 · 9.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$3,272,500 · 9.3% of offering
Form D Item 16
· The filing’s note: “Sponsor receives $522,620 of offering proceeds for marketing, organizational and offering expenses + an acquisition fee of $2,090,000 + estimated bridge financing cost of $659,880”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 5, 2022
Minimum investment
$50,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

One Form D covers this offering and was never amended, so the public SEC record stops at that single snapshot; the reported first sale was December 5, 2022. 9 Rule 506(b) means interests could be sold only to accredited investors already known to the sponsor, with no public advertising.

Legal Trust name
Inspired Senior Living of Delray Beach DST
SEC CIK
1949440
First Form D
Dec 12, 2022
Latest Form D
Dec 12, 2022
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$34,841,317
$1,223,404
1
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

What happened to Inspired Living at Delray Beach (The Heritage at Delray)?
Inspired Living at Delray Beach (The Heritage at Delray) is a Historical offering. In bankruptcy or distress since Feb 2026.
What property does the Trust own?
A senior-housing community of 259 units at 5858, 5859 and 5861 Heritage Park Way in unincorporated Palm Beach County near Delray Beach, Florida, combining independent living, assisted living and memory care. It was marketed as Inspired Living at Delray Beach and reported in 2023 as The Heritage at Delray; the same addresses now operate publicly as Azalea at Delray Beach.
Who runs the community?
The current public-facing community page for Azalea at Delray Beach names Leisure Care as management and operator. Separately, a July 22, 2025 report said Inspired Healthcare had transitioned community operations to a third-party operator after suspending its offerings and investor distributions amid an SEC review.
Who is the tenant, and what does that mean here?
There is no outside corporate tenant. Chapter 11 sale materials describe the DST holding fee-simple title to the real property and leasing it to a paired master-tenant LLC, which is the customary structure for operating assets such as senior housing. No public lease term or lease economics for this Trust was located, so the rent obligation itself is not documented in the sources reviewed.
Did the offering ever finish raising?
The public record contains a single Form D dated December 12, 2022, with no later amendment, so there is no filed evidence of a final closing or a fully subscribed raise. The sponsor was reported on July 22, 2025 to have halted its offerings entirely.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.