The Highlands of Topsham, one of the largest and oldest retirement communities of its kind in Maine, was sold Friday to a private investment group that specializes in senior living communities and health care-related ventures.

Sea Coast Management, the largest developer of senior living communities in Maine, sold The Highlands for an undisclosed sum to CPF Living Communities, a subsidiary of Chicago Pacific Founders, said John Wasileski, Sea Coast’s founder and president.

Opened in 1990, The Highlands is home to more than 450 residents in 350 units of independent living, assisted living and memory care housing on a 75-acre campus. Sea Coast’s other properties, including Highland Green in Topsham and OceanView at Falmouth, are not part of this transaction.

The sale comes at a busy time for Wasileski’s company, which plans to buy Catherine McAuley High School on Stevens Avenue in Portland, build 200 units of market-rate senior housing and convert the former convent on the property into 88 units of subsidized affordable senior housing.

Wasileski said he sold The Highlands in an effort to consolidate his company’s holdings and reduce driving time from his home in Lyman.

“I’m 62 years old,” Wasileski said. “I’ve been at this for 26 years. I’d like to be on the road a little less.”

The sale encompasses the Highlands Retirement Community and its affiliated properties, including The Maine Lodge independent living apartments, Cadigan Lodge and Friendship Cove assisted-living apartments and the Governor King Community for residents with Alzheimer’s disease and other memory issues.

“This sale represents a major investment in the future of The Highlands that is good for our region and the State,” Wasileski said. “Chicago Pacific Founders is made up of experienced partners with deep expertise in the healthcare and aging markets.

John Rijos, chairman and chief executive officer CPF Living Communities, said “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.”

In the wake of the sale, The Highlands will be operated by its long-time management consultant, Grace Management Inc. of Minneapolis, Minnesota, which was recently purchased by CPF. The Highlands 140 employees will be transferred to Grace.

“We’ll 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,” said Mari Jo Grace, founder and executive vice president of operations for Grace.

Grace’s relationship with The Highlands goes back to 2006.

“I hand-picked Gene and Mari Jo Grace to begin this next chapter,” Wasileski said. “They bring to The Highlands over 30 years of experience managing senior living environments across the country.”

In addition to the sale, Wasileski announced that Sea Coast and CPF are entering a joint venture to complete the final phase of construction of the Town Hall Village, a part of The Highlands that includes the remaining lots and the historic building conversion that are currently underway.