Raleigh Senior Living Asset Trades for $31M

Buyer Green Courte Partners plans to convert the recently completed property to a full-service independent living community.
The Aspens at Bedford Falls. Image via Google Earth

Aspens Senior Living has sold The Aspens at Bedford Falls, a 182-unit active adult community in Raleigh, N.C., to Green Courte Partners for $30.8 million, according to public records. The property had delivered in August. The buyer plans to convert the asset into a 181-unit independent living property, securing $31.8 million in acquisition and development financing from KeyBank.

The new owner’s conversion plans call for expanded dining and kitchen areas as well as the addition of amenities, including a game room, library and business center. A third-party home health office is also slated to be added to the mix. Green Courte has named its subsidiary, True Connection Communities, to oversee property management.

Located 12 miles northeast of downtown Raleigh at 1580 Dunn Road, the community is a short distance from the western edge of Falls Lake. WakeMed North Hospital is a mile and a half south, as is the Durant Road retail corridor.

The Raleigh-Durham has one of the fastest-growing senior populations in the country, and senior housing operators are taking note. Construction work is underway on a number of new projects, including a 205-unit luxury development which kicked off in August.