Woodland Heights
If all goes according to plan, Woodland Heights will have a new owner in a pending $16.8 million transaction.
Compass Pointe Healthcare Systems of Baltimore has struck a deal to buy the 142-unit independent living center from the Arkansas Teacher Retirement System.
Compass Pointe is still squaring away some zoning details before completing the deal. The landmark property, which overlooks Interstate 630 in west Little Rock, is currently zoned for elderly apartments.
Compass Pointe intends to convert three floors to assisted living and one floor to a memory care unit. The change would necessitate the relocation of about 20 residents to new quarters at Woodland Heights, where the occupancy stands at about 76 percent.
Compass Pointe is no stranger to the market.
The company numbers 20 Arkansas properties among its senior living portfolio of 64 projects in 14 states.
The envisioned reconfiguration at Woodland Heights is similar to the concept Compass Pointe deployed at The Atrium at Serenity Pointe in Hot Springs.
Woodland Heights represents the last asset from the pension fund’s bad financial marriage with Pat Riley Sr. that ended in 2001.
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