Team Profiles

Michael J. Damone, President of The Damone Group, LLC.

Michael J. Damone, President of The Damone Group, has twenty-four years of experience in the real estate development and construction industry, including fourteen years in the senior housing and assisted living industry.  This experience includes both market rate and affordable/tax credit projects.

In his fifteen years as President of The Damone Group, Mr. Damone has developed and constructed approximately 70 assisted living residences located in 19 states, with a total value of $220 million.  Over a four-year period, he grew the company from start-up to over $100 million in annual sales.  He has also successfully invested approximately $26 million of Damone Group funds in over 110 assisted living residences, with a value in excess of $260 million.  The majority of these projects were sold in 2000.

In late 2006, Mr. Damone created a new company called “Cranbrook Senior Living”.  This company, while based in Michigan, has focused its efforts on the acquisition of underperforming and under-managed assisted living buildings in the western United States.  This company was created by Mr. Damone and his partner, Robert Mercer, because they saw an overheated market that was poised for a significant correction that ultimately would provide the opportunity to purchase assets at attractive pricing.  Messieurs Damone and Mercer have spent two years developing a network of transaction referral sources that share Cranbrook’s commitment to strict underwriting criteria and world class operations.  To date, Cranbrook has purchased two assisted living assets valued at $40 million – one in Tustin, California and one in Greenwood Village near Denver, Colorado. 

From 1994 to 1997, Mr. Damone led the team that successfully designed, developed and constructed the Delphi Automotive Company World Headquarters.  This $50 million project is located in Troy, Michigan and serves as the center of operations for Delphi's worldwide operations.

Prior to The Damone Group, Michael J. Damone was employed by Damone/Andrew and was responsible for the development of light industrial buildings and the leasing/management of over one million square feet of suburban office space and over 2.5 million square feet of light industrial space.  Previously, he was employed by Arthur Andersen & Co for three years, focusing on the real estate and healthcare industries.

Mr. Damone is a Registered Certified Public Accountant in Arizona and Michigan and holds a BA in Accounting from Michigan State University.  He is active in many civic and charitable organizations in the Metropolitan Detroit area.  He is a licensed builder in the State of California.

Affiliations

  • Builder's License, State of Michigan
850 Stephenson Highway, Suite 200 Troy, Michigan 48083 | Phone: 248.583.6020 
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