CHICAGO—Chicago Pacific Founders has just launched a senior living platform called CPF Living Communities, and simultaneously acquired two senior living properties and a nationally recognized senior living management company. CPF Living plans to invest about $250 million in senior living assets over the next three to four years. These investments could include independent living, assisted living, memory care, and CCRC properties across the US and in Canada.
CPF Living acquired Echelon Senior Living, an independent living community located in the heart of Las Vegas, and the Atrium of Belleville, an independent living community in suburban St. Louis. Both properties have adjacent land that will support new assisted living and memory care facilities.
In addition, CPF Living has acquired a majority stake in Minneapolis-based Grace Management, Inc., which manages senior living communities. CPF Living officials say these acquisitions provides the company with a dynamic platform and investment strategy to buy, build, and manage a portfolio of senior living communities.
“We want to build a vibrant company that will be opportunistic and add value through operational improvements and strategic positioning,” said John P. Rijos, a founding operating partner at the Chicago- and San Francisco-based CPF and the former co-president and chief operating officer of Brookdale Senior Living, in a prepared statement. Company officials were not available for additional comment yesterday, but GlobeSt.com will provide an update on Monday. Rijos will serve as chairman and chief executive officer of CPF Living.
“We are excited to be investing behind John Rijos, who has demonstrated a superb track record of leading senior living communities that excel at service, quality and improving the lives of their residents,” said Mary Tolan, founder and managing director at CPF.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
