Chicago Pacific Founders just made its fifth acquisition of the year (all since the start of April), after just three (disclosed) deals in both 2017 and 2016. The newest addition is an independent/assisted living community located in Sterling Heights, Michigan (Detroit MSA), and sold for an undisclosed price.
Built in 1989, it was formerly operated by Atria Senior Living and most recently reported a 93% occupancy rate (up from 88% at letter of intent). CPF’s subsidiary Grace Management will take over operations and will oversee some capital improvements to be made to the property.
