Chicago Pacific Founders announced its second acquisition for July, following up on its purchase of a senior living community in Scottsdale, Arizona by picking up three senior living communities in the Pittsburgh, Pennsylvania market. One of the communities, in North Versailles, was opened in 2009 and is fully stabilized. The other two were opened more recently, in April 2017 for the Bethel Park community and just earlier this year for the community in Pittsburgh. So, cash flow was uneven across the portfolio. The two older properties are independent living communities, while the newest property also features personal care units. As usual, Chicago Pacific Founders’ operating subsidiary, Grace Management, will take over operations at the communities. No price was disclosed.
The deal comes just a week after the private equity firm announced its acquisition of an independent living/assisted living community in Scottsdale. Built in 1998 with 101 units and 78,000 of rentable square feet, the community sold for $27 million, or $267,000 per unit. Steve Gebing, Cliff David, Hamid Panahi and Tony Cassie of Institutional Property Advisors handled the transaction.
