SC Luxury Retirement Community Sells for $35M
- Jul 02, 2019
An affiliate of The Hollinger Group has sold Wildewood Downs, a luxury 248-unit, entrance-fee continuing care retirement community in Columbia, S.C. Senior Living Communities acquired the asset for $35 million or $141,129 per unit. According to Senior Housing News, the sale was subject to a $32.7 million loan originated by National Health Investors. Cushman & Wakefield assisted the seller in the disposition.
Wildewood Downs is located at 731 Polo Road, near Interstate 20 and Sesquicentennial State Park. Downtown Columbia is 13 miles southwest of the property and Jim Hamilton – LB Owens Airport is within a 20-minute drive, via Interstate 77.
The Cushman & Wakefield team that represented the seller consisted of Senior Directors David Kliewer and Paul Carr, together with Executive Managing Director Allen McMurtry.
In May, the same team assisted Senior Quality Lifestyles Corp. in the disposition of a luxury, 228-unit retirement community in Corpus Christi, Texas. The senior housing asset commanded $20.4 million.
A complex continuing care facility
Developed between 2000 and 2014 on a 37-acre site, Wildewood Downs totals approximately 348,728 square feet of living space. The property encompasses 76 independent living homes, 60 independent living apartments, 40 assisted living units, eight memory care units and a 64-bed skilled nursing facility with an 80-bed licensed capacity.
The independent living homes offer two- and three-bedroom floorplans ranging from 1,793 to 2,439 square feet, while the apartments feature one- to three-bedroom units. The assisted living, memory care and skilled nursing units vary in size from 296 to 364 square feet.
Amenities include a 9,000-square-foot clubhouse, a pub, library, a wellness area with fitness equipment, a salon & spa, as well as various courtyards and gathering rooms. Residents benefit from a wide array of services according to their specific needs, from bill payment and transportation to a 24-hour emergency call system and evening campus security to a social calendar to stimulate the brain and body.