Chicago Pacific Founders Acquires 11-Acre Community in Conroe, Texas

CONROE, Texas — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Woodhaven Village.

Woodhaven Village offers 161 units of independent living, assisted living and memory care on 11 acres in in Conroe, approximately 40 miles north of Houston. It opened in January 2017.

Terms of the deal were not disclosed. CPF plans to make investments in the campus to enhance the quality of life. Grace Management will take over operations.

Lisa Widmier of CBRE National Senior Housing represented the seller in the deal, a partnership between Padua Realty Company and Paradigm Senior Living that originally developed the property.

Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing arranged acquisition financing for the buyer. Although the price was not disclosed, CBRE arranged a $34.5 million Freddie Mac refinancing for the sellers in 2018, and the acquisition financing for this transaction totaled $37 million. The 10-year, fixed-rate, Freddie Mac loan features 72 months of interest-only payments.