Three assisted living and memory care facilities in the Upstate sold for $48.4 million. The properties totaled 198 units at $244,444 per unit.
Spring Park at 925 N. Main St. in Travelers Rest, Fairview Park at 544 Harrison Bridge Road in Simpsonville, and Oakview Park at 110 Hood Road in Powdersville were purchased by Atlas Senior Living of Alabama.
“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,” Cushman & Wakefield’s Paul Carr said in a news release. “As a result, these communities are uniquely positioned to capitalize on Greenville’s exceptional growth and thriving economy.”
The three communities each consist of 66 units, with 48 for assisted living and the remaining 18 for memory care. At the time of the transaction, the single-story facilities were over 95 percent occupied.
Expansions are possible at each facility. Oakview Park has the potential for additional units. The Fairview Park and Spring Park sale included adjacent land parcels for development.
“Graycliff and Atlas were an ideal pairing for this transaction, and both did a tremendous job of working towards a smooth closing and operational transition at each community,” Cushman & Wakefield’s David Kliewer said in the release.