JV Enters Indiana With Senior Housing Portfolio Buy

The three suburban properties total 482 units.

Woodland Terrace of Carmel. Image via Google Street View

New Perspective has teamed up with Boldt Capital to acquire a three-property senior housing portfolio totaling 482 units in three different suburbs of Indianapolis. Justus Senior Living sold the communities in Danville, Ind., New Palestine, Ind., and Carmel, Ind. The transaction marks New Perspective’s first investment in the state.

All three properties, sharing the name Woodland Terrace, retained their branding under the new ownership. While the Danville community totaling 164 units is still underway, the 139-unit property in New Palestine and the 179-unit one in Carmel were completed in 2017. Woodland Terrace of Danville will welcome its first residents later this month.

Woodland Terrace of New Palestine at 4400 Terrace Drive, the Carmel community at 689 Pro-Med Lane and the Danville property at 200 Arbor Lane all feature independent living, assisted living as well as memory care units. The Danville and the New Palestine properties provide cottage homes as well, with floorplans ranging between 1,225 and 1,663 square feet.

Amenities, location

Community amenities include pubs, ballrooms, salons, demonstration kitchens and wellness centers. Services offered include housekeeping, laundry and concierge services, fitness classes and art workshops.

The Danville and New Palestine properties are within 19 miles of downtown Indianapolis, while the Carmel community is 16 miles north.

Last October, BWI broke ground on a senior housing community in Anderson, another suburb of Indianapolis. The 130-unit property was slated for completion this fall, but the opening has been delayed until January 2022.

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