Cushman & Wakefield’s Senior Housing Capital Markets Group has sold another CCRC (LPC), this time in Arden, North Carolina. Known as Ardenwoods, it is a type “C” entrance-fee community that is located on 48 acres about 12 miles south of Ashville. The seller was a 50-50 joint venture between affiliates of HJ Sims and Life Care Services (LCS), which purchased the community in 2002. It consists of 96 independent living units and 48 assisted living units, and has been managed by LCS since 2002.
The buyer was Retirement Living Associates, Inc., which is controlled by David Ammons, a local owner/ manager with seven other developments or communities in North Carolina, South Carolina, Georgia and Florida. The purchase price was $15.7 million, or $109,000 per unit. Richard Swartz, Jay Wagner, Aaron Rosenzweig and Tim Hosmer of the C&W team represented the seller in the transaction.
