Cushman & Wakefield Senior Housing Capital Markets Group, has arranged the sale of Woodland Terrace, a 176-unit independent living, assisted living and memory care community located in Cary, North Carolina, an affluent suburban small city in the Research Triangle region of the Raleigh-Durham MSA. The 95% occupied community was purchased by a venture of Welltower (NYSE: WELL) and Kisco Senior Living from a joint venture between Kisco and an institutional investor. Kisco Senior Living will continue to operate the community.
Woodland Terrace is a 22-acre multi-building campus that features 104 independent living residences and cottages, 36 assisted living apartments, and 36 memory care suites, and has been operated by Kisco Senior Living since it was developed in 1999. The community was expanded in 2008, at which time 14 cottages were constructed along with a wellness center that includes an indoor pool. Recently, a cosmetic refresh was made to the property in 2013-2014 that included paint, carpet, and flooring, and added a bistro to the Independent Living building. A renovation program is in progress to the independent residences as they turn over, and includes kitchen and bathroom finishes, granite countertops, appliances, flooring, and lighting fixtures. The main building features a grand balcony from the lobby overlooking the dining room and out to the pond through a two-story picture window. Amenities such as a library, a beauty salon, state-of-the-art fitness center, and a chapel are located throughout the IL building. Assisted living and memory care are located in separate buildings and each has its own complete set of amenities.
The highly reputable community has remained stabilized for nearly a decade under Kisco’s management and has held occupancy over 95% for several years even as new competitive supply has opened in the robust submarket. The Research Triangle economic region spans between Raleigh, Durham, and Chapel Hill, and has been one of the fastest growing markets in the Southeast, with low unemployment and access to some of the highest quality universities and medical centers in the country.
The Cushman & Wakefield team involved in the transaction included Executive Managing Director Richard Swartz, Executive Director Jay Wagner, and Director Jim Dooley.
“The education, medical and technology spheres in Raleigh-Durham, coupled with the metro area’s broad affordability, are driving the creation of a new innovation cluster for the US,” said Wagner. “These factors, along with the trophy caliber nature of Woodland Terrance, produced an extremely competitive process.”
“We were very pleased to see that Kisco will continue their successful stewardship of the community,” added Swartz.
About Kisco Senior Living
Kisco Senior Living was founded in 1996 and specializes in developing and managing full service rental senior living communities. Kisco operates 20 communities in California, North Carolina, Florida, Virginia, Utah, and Hawaii. They provide a full continuum of care with communities of various combinations of independent living, assisted living, and memory care, cottages, and CCRC’s.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.