Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., announced the acquisition of a seniors housing community between Pensacola and Pensacola Beach in coastal Florida. Built in 2018, The Arbors of Gulf Breeze features 132 units with 51 independent living, 58 assisted living and 23 memory care units. Grace Management will operate the community on a go-forward basis.
The community, which was described as a stabilized, quality asset, was previously owned by a local partnership that had reached the end of their investment horizon. Based on the age, performance and quality of the community, we would guess it traded around a market cap rate for similar assets, around 7.5% in today’s environment. The purchase price was not disclosed. Brad Clousing, Daniel Geraghty, Jeff Binder and Jason Punzel of Senior Living Investment Brokerage handled the transaction.
