Leading Investment Group Acquires Major Seniors Community
- Mar 03, 2015
Topsham, Maine—One of southern Maine’s largest retirement communities, The Highlands, is being sold to a Chicago-based investment group.
John Wasileski, owner and developer of The Highlands and founder and president of Sea Coast Management, the largest developer of senior-living communities in Maine, announced Friday the sale to CPF Living Communities, a subsidiary of Chicago Pacific Founders—a group that specializes in seniors housing-related investments. The property will be operated by its long-time management consultant, Grace Management Inc., newly acquired by Chicago Pacific Founders. Wasileski also announced he plans to maintain close by Highland Green and numerous other properties.
Opened in 1990, The Highlands of Topsham is home to over 450 residents in its current size of 350 residential living units and 140 employees. The sale includes The Highlands and its affiliated properties—Highlands Maine Lodge & Friendship Cove Assisted Living and Cadigan Lodge and the Governor King Community—and all employees transferring to Grace Management.
Additionally, Sea Coast and CPF announced they are entering a joint venture to finish the final phase of construction of the Town Hall Village, which includes the remaining lots and the historic building conversion that are currently proceeding.
“When Grace Management banded together with John Rijos [Chairman and CEO of CPF Living Communities] to work out a methodical acquisition program to acquire senior housing, I couldn’t help but be ecstatic,” Wasileski said. “My residents are in good hands. My program at The Highlands is in good hands. I am ready to move on to other things including the fulfillment of our active adult community in Topsham, a 700-acre campus called Highland Green and our sister community known as OceanView at Falmouth in Falmouth Maine.”
The remnants of the Sea Coast Management portfolio of communities, including OceanView at Falmouth and Highland Green in Topsham, as well as recently announced projects in Portland, are not included in the deal.
“Grace has some exciting new ideas regarding further enhancements to the fitness center, dining areas, life enrichment space, and wellness programs that they will discuss with the employees and the residents in the months ahead to get everyone’s input,” Mari Jo Grace, co-founder and Executive Vice President for Grace Management, said.
Grace Management has worked with more than 150 senior-living communities in 24 states, supplying sales and marketing support, operational efficiency improvements and management support. CPF is a private investment group that invests solely in senior-living communities and health care related investments. Through its subsidiary, CPF Living Communities along with management operations of Grace Management, it obtains, develops and manages high-quality retirement properties across the country.