Chicago firm buys Topsham retirement home
A Chicago investment firm has purchased The Highlands senior living community in Topsham, one of the largest and oldest of its kind in Maine.
Sea Coast Management, the state’s largest developer of retirement communities, announced on Friday that it sold the 350-unit, 75-acre compound and its affiliated properties to CPF Living Communities. CPF is a subsidiary of Chicago Pacific Founders, a firm that specializes in senior living communities and other health care ventures.
The sale closed Friday. Financial details were not disclosed.
The Highlands, which opened in 1990, has 140 employees and 450 residents. The senior living community and its affiliated properties, including Highlands Maine Lodge and Friendship Cove Assisted Living, will be operated by Grace Management, the property’s longtime operator. Grace Management was recently acquired by CPF.
“This sale represents a major investment in the future of The Highlands that is good for our region and the state,” John Wasileski, Sea Coast’s president and founder, said in a prepared statement. “Chicago Pacific Founders is made up of experienced partners with deep expertise in the healthcare and aging markets.”
As to why the property was sold, Wasileski told the Portland Press Herald that the sale was part of his company’s effort to consolidate its holdings. The 62-year-old leader said he also wanted to spend less time driving from his home in Lyman.
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