CPF Living Expands Florida Footprint With $24M Buy
- Oct 07, 2020
CPF Living Communities, the private equity fund of Chicago Pacific Founders, has acquired Heritage Oaks of Englewood, a 118-unit senior housing community in Englewood, Fla.
A partnership led by Napco Cos. sold the asset for $23.8 million, according to public records. CBRE represented the seller and provided the buyer with a $20.8 million, 10-year, Freddie Mac loan. The purchase also included a 50-acre neighboring parcel where CPF plans to build independent living units and cottages.
Opened in 2017 at 7374 San Casa Drive, the assisted living and memory care facility features studio, one- and two-bedroom floorplans ranging from 375 to 736 square feet. Amenities include a bar and bistro, library, movie theater and exercise room, as well as community gardens. Grace Management, a wholly owned subsidiary and operating arm of CPF Living, will operate the community, which was 93 percent occupied at the time of sale, according to CBRE.
The property is roughly 5 miles from downtown Englewood near Grove City Walking Park, with more green spaces a mile northeast within Ann & Chuck Dever Regional Park. Englewood Community Hospital is some 6 miles north.
CBRE’s Lisa Widmier assisted the seller in the disposition, while Aron Will, Austin Sacco and Tim Root secured the acquisition financing.
In January, CPF acquired another Florida property, a 113-unit luxury senior community offering assisted living and memory care in Naples, Fla. Prevarian Senior Living sold the 2015-completed asset.