BWE Investment Sales Arranges Sale of 636-Unit Cambridge Village Portfolio to Starwood Capital Group
BWE Investment Sales ("BWEIS") announced the sale of the Cambridge Village Portfolio, a three-property, 636-unit Class A independent living portfolio in North Carolina's Raleigh-Durham and Wilmington markets, to affiliates of Starwood Capital Group. Solera Senior Living will assume operations, according to the firm's announcement on Oct. 21, 2026.
Portfolio Details: Three Class A Independent Living Communities
The portfolio comprises three communities:
- Cambridge Village of Apex: a 219-unit community at 10000 Cambridge Village Loop in Apex. The community opened in 2011 and has since expanded through three additions.
- The Cambridge at Brier Creek: a 195-unit community at 7901 TW Alexander Drive in Raleigh.
- Cambridge Village of Wilmington: a 222-unit community at 75 Cavalier Drive in Wilmington. The property opened in 2015, and its original development included a 28,000-square-foot clubhouse and a 12,700-square-foot wellness center. It occupies slightly more than 10 acres, and individual units range from 571 to 1,204 square feet.
The three communities were constructed between 2010 and 2022. They were developed by Oliver Development and operated by Cambridge Village Senior Living, both led by Kendall Oliver, who built the portfolio around a wellness-first resident experience, according to BWE. Each campus includes resort-style amenities such as fitness centers with instructor-led programming, heated indoor pools, a full-service salon and spa, restaurant-style dining, a movie theater, a library and landscaped outdoor gathering areas.
The acquisition also includes entitled land parcels adjacent to the Apex and Brier Creek communities, which BWE said provide a clear path for future expansion.
Transaction Economics
The Wilmington community sold for $140.9 million, according to a deed recorded in October 2026. That equates to approximately $635,000 per unit for the 222-unit property.
BWE Investment Sales Executives on the Deal
"This is a landmark transaction for the sector," said Ryan Stoll, National Director of Seniors Housing Capital Markets at BWE. "Class A independent living at this scale in high growth, coastal markets with barriers to entry is exceptionally rare."
"It's clear institutional quality Seniors Housing is where sophisticated investors see significant relative value and demographic-driven growth," said Taylor Mokris, Senior Vice President at BWE.
Market Context: Raleigh-Durham and Wilmington
BWE characterized the Raleigh-Cary metropolitan statistical area as among the fastest-growing metros in the U.S., anchored by Research Triangle employers in technology, life sciences, healthcare and higher education. Green Street's 2026 Seniors Housing Outlook ranked Raleigh No. 1 among the top 50 U.S. metros for both IRR and risk-adjusted IRR.
Wilmington is a coastal retirement destination that draws retirees nationally with its historic downtown, beaches and quality of life, according to BWE. The firm said both markets are expected to see accelerating demand as the 75+ population grows through the next decade.
Wilmington's broader multifamily market, which is not specific to senior housing, had 13.1% vacancy in early 2026, with 3,861 units of trailing 12-month net absorption, 1,714 units under construction and market cap rates of 6.0%.
Senior Housing Investment Conditions
The sale comes as senior housing fundamentals have strengthened. Occupancy across 31 primary U.S. senior housing markets reached 89.5% in the first quarter of 2026, supported by 19 consecutive quarters of positive absorption since the pandemic trough.
New supply has contracted. Only 19,839 senior housing units were under construction in the first quarter of 2026, down 6% year over year and marking 16 consecutive quarters of decline. Construction starts have fallen 85% from peak levels in primary markets and 94% in secondary markets.
Pricing has also moved. Average senior housing cap rates compressed to 6.2% in the fourth quarter of 2025, a 17-basis-point decline during the second half of the year. CBRE reported that the average cap rate fell another 19 basis points over the subsequent six-month period, and more than 84% of survey respondents expected additional compression during 2026. Class A independent living in core markets was trading around a 6.1% cap rate in late 2025, while primary-market senior housing averaged approximately $189,000 per unit.
What the Deal Adds for Starwood Capital Group
For Starwood Capital Group, the acquisition provides 636 units across three campuses under one operating platform, with Solera Senior Living assuming the operating role previously held by Cambridge Village Senior Living. The portfolio pairs Raleigh-area employment and population growth with Wilmington's coastal retirement demand, and the entitled adjacent land at Apex and Brier Creek offers a path to add units or complementary uses without acquiring a separate site.
Sources
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