Wildewood Downs sold to Charlotte company

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Wildewood Downs, a 248-unit continuing care retirement community in Columbia, has been sold to Charlotte-based Senior Living Communities for $35 million.

Cushman & Wakefield negotiated the sale. The Tampa, Fla.-based senior housing team of David Kliewer, Paul Carr and Allen McMurtry represented an affiliate of Pennsylvania-based assisted living development and management company The Hollinger Group in the disposition, according to a news release.

“The sale of Wildewood Downs was a strategic disposition of The Hollinger Group’s lone remaining senior housing asset in South Carolina,” Kliewer said in the release. “The buyers are well-equipped to take Wildewood Downs to the next phase of its life cycle.”

Wildewood Downs, located at 731 Polo Road, was developed between 2000 and 2014. The 348,00-square-foot property includes 76 independent living homes, 60 independent living apartments, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility. The 38-acre development also features a common building with amenities including new carpet, furniture and a dining room upgraded as part of a $400,000 investment in 2017.

Cushman & Wakefield also arranged the $24 million sale of Broad River Trace, a 240-unit apartment community located at 551 Riverhill Circle. Connecticut-based Hamilton Point Investment acquired the property from Passco Cos., represented by Tai Cohen, Jordan McCarley and Watson Bryant.

“Broad River Trace’s exceptional location, offering scenic views and convenient access to local amenities, as well as its in-demand community features will continue to draw resident interest as the submarket’s population grows,” said Jeff Olshan, Passco senior vice president for multifamily investments.

Bridget Chase, HPI vice president of acquisitions, said the company focuses on secondary markets such as Columbia experiencing population and employment growth.

Broad River Trace, with amenities such as a dog park, package concierge service, a business center, a pool and a volleyball court, averages 96% occupancy, according to a news release from Cushman & Wakefield.

“The property is perfectly situated between downtown Columbia and Harbison Boulevard, offering the best of both worlds in terms of convenience to jobs, entertainment and retail,” Cohen said.