WindRiver Companies acquired a value-add assisted living/memory care community in South Carolina, with Kyle Hallion of Blueprint Healthcare Real Estate Advisors handling the deal on behalf of the undisclosed seller. The campus is the seventh owned asset for WindRiver, which operates another 12 properties in the Southeast, Texas and Oklahoma.
Originally built in the late 1990s, the community features 77 units across two buildings. The smaller building that houses the memory care will have a portion of it converted to a corporate training center and regional office for WindRiver. That should help the company as it looks to grow its regional operating platform in the state. Occupancy was around 50%, and the community was losing money, although it was historically a stable performer. The pandemic and increased local competition contributed to the operational decline.
Leveraging its experience in the state, Blueprint marketed the acquisition opportunity to active South Carolina investors and operators and closed the deal without delays. WindRiver, which paid in cash, acquired the community at an attractive basis, but the purchase price was not disclosed.
