TOPSHAM — The Highlands of Topsham, a senior living community that opened 25 years ago, has been sold to a Chicago investment group.
John Wasileski, president and founder of Sea Coast Management, the development company for The Highlands and Highland Green, announced the sale to CPF Living Communities in a Feb. 27 press release. CPF is a subsidiary of Chicago Pacific Founders, which specializes in investments related to senior housing.
Operations at The Highlands will be handled by Grace Management, the community’s management consultant, which CPF recently acquired, according to the press release.
The sale, for an undisclosed price, also includes The Highlands’ related properties: Cadigan Lodge, Highlands Maine Lodge & Friendship Cove Assisted Living, and the Governor King Community. The properties’ employees have transferred to Grace Management.
The Highlands opened in 1990. It has 350 residential units, 450 residents, and employs 140 people.
“This sale represents a major investment in the future of The Highlands that is good for our region and the state,” Wasileski said in the press release. “Chicago Pacific Founders is made up of experienced partners with deep expertise in the health care and aging markets.”
Wasileski added that his history with Grace dates back to 2006, when he “hand-picked Gene and Mari Jo Grace to begin this next chapter. They bring to The Highlands over 30 years of experience managing senior living environments across the country.”
Mari Jo Grace, Grace’s founder and executive vice president of operations, said her company will “be working collaboratively with all of the employees, residents and vendors to ensure a smooth transition with some exciting new developments being discussed. The Highlands is an extraordinary place and we’re honored to be part of its future.”
John Rijos, CPF’s chairman and CEO, said “We are excited to become a part of The Highlands family and further enhance the experience of all our residents, staff and their families. This is a giant step forward for Chicago Pacific Founders and we intend to build on the great legacy started by John Wasileski and his team.”
Sea Coast Management’s other communities, including Highland Green in Topsham and OceanView at Falmouth, are not included in the sale.
Sea Coast and CPF will work together to finish Town Hall Village’s final construction phase, which includes conversion of the former Town Hall and other lots.