Chicago firm acquires senior housing project

CPF Living Communities, a division of Chicago Pacific Partners specializing in owning senior housing, has invested $25.3 million to buy a Charlotte County assisted living facility and adjacent land, property records show.

The deal for Heritage Oaks at Englewood represents one of the largest senior housing transactions in Charlotte County this year.

As part of the transaction, CPF Living also acquired land adjacent to Heritage Oaks for $1.5 million. The company did not respond to repeated requests for comment on its purchase or the future of the land, which like the facility was obtained from entities related to MHM Investments II, of Naples, state records indicate.

The 7374 San Casa Drive facility, which opened in 2018, contains 118 assisted living residences. Of those, 32 are specialized memory care units.

As is the case with all of its senior housing holdings, CPF Living has retained Grace Management Inc. to manage and operate the 95,611-square-foot Heritage Oaks.

Rental rates at Heritage Oaks range from $5,300 per month to $6,900 per month, according to several websites that track senior housing rates.

In addition to Heritage Oaks, CPF Living also owns senior housing communities in Fort Myers and Naples, records show. In all, the company owns 29 senior living facilities nationwide, in Florida, Texas, Minnesota, Pennsylvania, Arizona, Nevada and Tennessee, according to Chicago Pacific’s website