TRAVELERS REST, SIMPSONVILLE and POWDERSVILLE, S.C. — Atlas Senior Living has acquire three senior living communities in South Carolina: Spring Park in Travelers Rest, Fairview Park in Simpsonville and Oakview Park in Powdersville.
The Cushman & Wakefield team of Paul Carr, David Kliewer and Allen McMurtry represented the seller, Greenville-based Graycliff Capital Senior Housing, in the transaction. The price was $48.4 million, or $244,444 per unit.
“Graycliff strategically developed this portfolio within the Greenville market to avoid overlap, capture economies of scale and allow each asset to effectively meet market demand,” says Carr. “As a result, these communities are uniquely positioned to capitalize on Greenville’s exceptional growth and thriving economy.”
Built in 2014, 2015 and 2016, respectively, each of the three single-story communities feature 28 assisted living apartments and 18 memory care apartments. An expansion is already planned to add independent living units to Fairview Park, starting in mid-2019. The Spring Park sale also included 15.9 developable acres.
Atlas Senior Living owns and operates 11 communities in Alabama, Georgia, Kentucky, South Carolina and Tennessee.