Woodland Terrace changes hands

by   CIJ USA
2018-04-13   15:25
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A joint venture between Welltower and Kisco Senior Living has acquired Woodland Terrace. The price of the deal was not disclosed. The asset is a 176-unit independent living, assisted living and memory care community located in Cary, North Carolina. The 22-acre property features 104 independent living residences and cottages, 36 assisted living apartments and 36 memory care suites. Amenities include a library, beauty salon, fitness center and a chapel. Cushman & Wakefield’s senior housing capital markets group represented the sellers, Kisco and an institutional investor. The 95-percent occupied center will continue to be operated by Kisco Senior Living.

“The education, medical and technology spheres in Raleigh-Durham, coupled with the metro area’s broad affordability, are driving the creation of a new innovation cluster for the US,” said Jay Wagner, executive director of C&W. “These factors, along with the trophy caliber nature of Woodland Terrace, produced an extremely competitive process.”