Chicago Pacific Founders sold 20 senior living communities to real estate investment trust Ventas this week, the healthcare investment firm announced Thursday.
The properties are valued at $725 million, “representing one of the most significant senior housing portfolio sales in the United States for 2024,” according to CPF.
“Senior living is a core investment strategy and one we continue to grow by purchasing and establishing new institutional-quality communities, and this sale demonstrates the strength and attractiveness of this asset class,” CPF founder and Managing Partner Mary Tolan said.
The 20-property portfolio includes independent living, assisted living and memory care communities located in what CPF called “strategic markets known for strong and growing demand for senior living.” According to the firm, the communities offer a variety of amenities, such as restaurant-style dining, fitness and wellness spaces, pools, spas and theaters.
“We are excited to add these high-performing and well-managed communities to our senior housing operating portfolio,” Ventas Executive Vice President of Senior Housing and Chief Investment Officer Justin Hutchens said in a statement.
Grace Management has managed the properties for CPF and will continue to manage them for Ventas. Ventas has an existing relationship with Grace Management.
“This investment further advances our strategic objective to grow our senior housing footprint to meet increasing demand from a large and growing aging population seeking the proven health, well-being and longevity benefits of senior housing,” Hutchins said. “We are pleased to expand our established relationship with Grace Management, which has a proven track record of providing outstanding care and service delivery to residents and delivering strong results operating Ventas communities.”
