Cushman & Wakefield Negotiates $48.4M Sale of South Carolina Assisted Living Portfolio
Paul Carr, David Kliewer and Allen McMurtry Represented Graycliff Capital Partners, LLC in the Sale of Three Assisted Living and Memory Care Facilities in The Upstate Region
GREENVILLE, SC, February 7, 2019 — Cushman & Wakefield has negotiated the sale of three assisted living and memory care communities totaling 198 units in the Greenville, SC metro area.
The Tampa, FL-based Cushman & Wakefield Senior Housing team of Paul Carr, David Kliewer and Allen McMurtry represented Greenville-based Graycliff Capital Partners, 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.
“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. “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.
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).
“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.
About Cushman & Wakefield
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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.