Chicago Pacific Founders sold 20 senior living communities to real estate investment trust vents The healthcare investment company said in a statement on Thursday this week.

The properties are valued at $725 million, “representing one of the most significant senior residential portfolio sales in the United States in 2024,” according to CPF.

“Senior living is a core investment strategy and we continue to grow by acquiring and building new institutional-quality communities, and this sale demonstrates the strength and appeal of this asset class,” said CPF founder and Managing Partner Mary Tolan.

The portfolio of 20 properties includes independent living, assisted living and memory care communities located in what CPF calls “strategic markets known for strong and growing demand for senior living.” The communities offer a variety of amenities, including restaurant-style dining, fitness and wellness areas, pools, spas and theaters, according to the firm.

“We are excited to add these high-performing and well-managed communities to our portfolio of senior housing businesses,” Ventas Executive Vice President of Senior Housing and Chief Investment Officer Justin Hutchens said in a statement.

Grace Management has managed CPF’s properties and will continue to manage them for Ventas. Ventas has an existing relationship with Grace Management.

“This investment furthers our strategic goal of growing our senior housing footprint to meet the increasing demand of a large and growing aging population seeking the proven health, well-being and longevity benefits of senior housing,” said Hutchins. “We are pleased to expand our established relationship with Grace Management, which has a proven track record of providing exceptional care and service to residents and delivering strong results by operating Ventas communities.”