Top1031

Inspired Living at Delray Beach (The Heritage at Delray)

Senior housing (independent living, assisted living and memory care) property in Delray Beach, FL — sponsored by Inspired Healthcare Capital

Files with the SEC as Inspired Senior Living of Delray Beach DST

Minimum investment
$50k
Offering size
$34.8M
How much has sold
4.0%
Asset type
Senior housing (independent living, assisted living and memory care) property
Location
Delray Beach, FL
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Inspired Senior Living of Delray Beach DST is a Delaware Statutory Trust — passive fractional real-estate ownership that can qualify for a 1031 exchange — formed by Inspired Healthcare Capital to hold a senior-housing community near Delray Beach, Florida. The Trust was named a Chapter 11 debtor on February 2, 2026.1 A court-supervised auction and a September 15, 2026 sale hearing for the community are pending.2

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These links support the historical public record; individual details may come from different sources.

On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.

Chapter 2

What exactly is the property?

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
Chapter 3

Who is the tenant, and what's the lease?

Chapter 11 sale materials describe the DST holding fee-simple title and leasing the real property to a paired master-tenant LLC.6 In that structure there is no outside corporate tenant; what reaches investors depends on how the senior-living operating business performs. No public lease term or lease economics was located.

Chapter 4

How did it end?

What happened

No sale or other ending on record

As of August 11, 2026, Epiq identifies the trust as a Chapter 11 debtor filed on February 2, 2026, while Epiq and Bondoro show only a $25,100,000 stalking-horse APA for Azalea at Delray Beach with sale proceedings still pending, so no completed full-cycle sale, cash-out, or stated return is documented (Epiq, Bondoro, and Inspired Healthcare Capital's PR Newswire announcement).

The marketed community is Inspired Living at Delray Beach, also reported as The Heritage at Delray. The Real Deal reported a $52.3 million acquisition and 259 units comprising independent-living, assisted-living and memory-care accommodations; the three Heritage Park Way addresses are reported in unincorporated Palm Beach County near Delray Beach.

259 units
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

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.

Chapter 7

What does the paperwork say?

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.

  1. Form D filedFirst and latest filing on record.
Filings on record
1
How it may be offered
Rule 506(b)Not advertised publicly. Offered through existing relationships.
Source filing
Read the filings on SEC EDGAR

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.

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 Private Placement Memorandum before investing.

Chapter 8

Common questions

What happened to Inspired Living at Delray Beach (The Heritage at Delray)?

Top1031 lists Inspired Living at Delray Beach (The Heritage at Delray) as historical. It is no longer raising money.

Where does Top1031 get the data for Inspired Living at Delray Beach (The Heritage at Delray)?

Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

What is the status of this Trust today?

Inspired Senior Living of Delray Beach DST is identified as a Chapter 11 debtor in case 26-90128, filed February 2, 2026, as part of the Inspired Healthcare Capital Holdings bankruptcy. A dated court notice names Inspired Florida Acquisitions LLC as stalking-horse bidder for the community, sets an auction commencing August 25, 2026, and sets a sale hearing for September 15, 2026. That notice describes a proposed process; no completed sale has been reported.

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.

What does Rule 506(b) mean for this offering?

506(b) is the private-placement exemption that lets a sponsor sell without registering with the SEC, provided it does not advertise publicly and sells to accredited investors — people who meet income or net-worth thresholds — with whom it already had a relationship. The one Form D on file for this Trust indicates 506(b), a $50,000 stated minimum investment, and disclosed estimated sales commissions of $3,135,719 plus estimated promoter compensation of $3,272,500.

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.

Chapter 9

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