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| Spring Park, 925 North Main Street, Travelers Rest, SC |
GREENVILLE, SC, Feb. 8, 2019 — Cushman
& Wakefield has negotiated the sale of three assisted
living and memory care communities totaling 198 units in the Greenville, SC,
metro area.
“Graycliff
strategically developed this portfolio within the Greenville market to avoid
overlap, capture economies of scale and allow each asset to effectively meet
market demand,” said Carr.
The opportunity for
future expansion exists at each property. Additional units could be added on-site
at Oakview Park, while adjacent, developable parcels were included in the sale
of Fairview Park (±4.7 acres) and Spring Park (±15.9 acres).
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| Paul Carr |
The Tampa, FL-based
Cushman & Wakefield Senior Housing team of Paul Carr, David
Kliewer and Allen
McMurtry represented Greenville-based Graycliff
Capital Senior Housing, LLC in the disposition.
Birmingham, AL-based Atlas Senior
Living acquired the properties for $48.4 million ($244,444 per
unit).
The portfolio includes three assisted living and memory care facilities
in South Carolina’s Upstate region — Spring Park, constructed in 2014 at 925 North
Main Street in Travelers Rest; Fairview Park, developed in 2015
at 544 Harrison
Bridge Road in Simpsonville; and Oakview Park, built in 2016 at 110 Hood
Road in Powdersville.
 |
| David Kliewer |
“As a result, these communities are uniquely
positioned to capitalize on Greenville’s exceptional growth and thriving
economy.”
Each community in
the portfolio comprises 66 total units, including 48 assisted living units and
18 memory care units. The properties offer a resident-friendly, single-story
design with high-quality finishes. The communities were over 95% occupied at
the time of sale.
 |
| Allen McMurtry |
“Graycliff and Atlas were an ideal pairing for this transaction, and
both did a tremendous job of working towards a smooth closing and operational
transition at each community,” added Kliewer.
Cushman & Wakefield (NYSE: CWK) is a leading global real estate
services firm that delivers exceptional value for real estate occupiers and
owners. Cushman & Wakefield is among the largest real estate services firms
with 48,000 employees in approximately 400 offices and 70 countries.
In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.
In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.
To learn more, visit www.cushmanwakefield.com or
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Twitter.
