JACKSONVILLE, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Camellia at Deerwood, a 189-unit senior living community in Jacksonville.
Camellia at Deerwood offers independent living, assisted living and memory care services in a newly developed residential section of the city near to fine dining, shopping, medical facilities, historical towns and beaches.
Terms of the deal were not disclosed, but the new owner suggested it had plans for improvements to the property. Grace Management will take over operations of the community.
Richard Swartz, Jay Wagner and Jim Dooley of Cushman & Wakefield’s Senior Housing Capital Markets Group represented the seller, Carlyle Group, in the transaction. Wagner and Dooley also arranged acquisition financing for the buyer.
Camellia at Deerwood was built in 2010 as a four-story independent living community in a largely undeveloped area southeast of downtown Jacksonville. As the property struggled to lease up during the recession, it fell into foreclosure and was acquired by the Carlyle Group in 2011. The new owners then converted approximately 40 percent of the units to assisted living and memory care with Leisure Care as third party manager.