Cushman & Wakefield has negotiated the sale of Wildewood Downs, a 248-unit, entrance-fee continuing care retirement community in Columbia, South Carolina.
The Tampa, Florida-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry represented an affiliate of Mechanicsburg, Pennsylvania-based The Hollinger Group in the disposition. Senior Living Communities (SLC), of Charlotte, North Carolina, acquired the asset for $35 million ($141,129 per unit) using debt financing from a publicly-traded REIT.
Wildewood Downs was developed between 2000 and 2014 at 731 Polo Rd. The ±348,728-square-foot property comprises 76 Independent Living homes, 60 Independent Living apartments, 40 Assisted Living units, eight Memory Care units, a 64-bed Skilled Nursing Facility with an 80-bed licensed capacity, and a two-story commons building with extensive amenities.
In 2017, previous ownership invested approximately $400,000 to update the commons building, including new carpet, furniture and dining room upgrades.
Wildewood Downs is located 13 miles northeast of downtown Columbia in the heart of Wildewood, one of the capital city’s premier suburban neighborhoods. The ±38.0-acre site offers significant potential for future expansion.
“The sale of Wildewood Downs was a strategic disposition of The Hollinger Group’s lone remaining senior housing asset in South Carolina,” said Kliewer. “The buyers are well-equipped to take Wildewood Downs to the next phase of its life cycle.”
Added Kliewer, “SLC, who was involved with the original development of the campus, is the ideal operator for the future of Wildewood Downs given their strong reputation and regional presence.”