CHICAGO — A joint venture between Chicago Pacific Founders, its affiliate CPF Living Communities and Grand Park Capital Management has acquired a four-property portfolio of Town Village-branded independent living properties for $180 million.
The acquisition will reunite industry veterans John Rijos, president and CEO of Chicago-based investment fund Chicago Pacific Founders, and Bill Doniger, managing partner of New York City-based private equity firm Grand Park Capital Management. The two previously were executives at Brookdale Senior Living, the largest owner and operator of seniors housing properties in the United States.
The four communities purchased inclue:
- Town Village Audubon Park, 176 units, Memphis, Tenn.
- Town Village Sterling Heights, 222 units, Sterling Heights, Mich.
- Town Village Tulsa, 198 units, Tulsa, Okla.
- Town Village Vestavia Hills, 222 units, Birmingham, Ala.
The combined occupancy rate of the portfolio is 90 percent. The new owners plan to improve the properties, including the addition of memory care units.
Cushman & Wakefield’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer advised on the deal.
CPF Living’s management affiliate, Minneapolis-based Grace Management Inc., will operate the communities.
Grandbridge Real Estate Capital’s Atlanta-based Seniors Housing and Healthcare Finance Group provided $25 million in supplemental loans to support the acquisition. The buyers also assumed $100 million in Fannie Mae debt, which Grandbridge originated for the sellers several years earlier.