JV Buys 176-Unit Raleigh-Area Senior Community

Cushman & Wakefield brokered the sale of Woodland Terrace in Cary, N.C., comprising 104 independent living, 36 assisted living and 36 memory care units.
Woodland Terrace in Cary, N.C.

A joint venture of Welltower and Kisco Senior Living has purchased Woodland Terrace in Cary, N.C., from a partnership between Kisco and an institutional investor. The 176-unit independent living, assisted living and memory care community traded in a deal brokered by Cushman & Wakefield’s Senior Housing Capital Markets Group. Kisco, which is currently planning the 15-story expansion of another senior housing property in Raleigh, N.C., will continue to manage the asset, which is 95 percent occupied.

The property is located on a 22-acre parcel at 300 Kildaire Woods Drive, on the western side of suburban Raleigh, and is part of the fast-growing Research Triangle economic region. The site offers easy access to the nearby Shoppes of Kildaire mall and the Cary Village Square Shopping Center.

Built in 1999, Woodland Terrace includes 104 independent living residences and cottages, 36 assisted living units and 36 memory care suites. The assisted living and memory care components are situated in separate buildings, with their corresponding set of amenities.

Sequential renovations

In 2008, the community was expanded with 14 new cottages and a wellness center with a pool. In 2013 and 2014, the property received further upgrades, including paint, carpet and flooring improvements, along with the addition of a bistro to the independent living area.

The residential units of the independent section are currently under renovation, receiving new kitchen and bathroom finishes, granite countertops, appliances, flooring, and lighting fixtures. Common-area amenities include a library, beauty salon, fitness center and a chapel.

Cushman & Wakefield’s team handling the deal included Executive Managing Director Richard Swartz, Executive Director Jay Wagner and Director Jim Dooley.

Image via Google Street View