IRET Sells Entire Seniors Housing Portfolio to Edgewood Senior Living for $236M
MINOT, N.D. — Investors Real Estate Trust, a publicly traded REIT based in Minot, has entered into six separate sales agreements with Edgewood Senior Living and its affiliates. The deals will result in Edgewood buying 26 IRET-owned seniors housing communities and one standard multifamily community for $236 million. Edgewood already operates 25 of the 26 seniors housing communities. The deal is expected to close before the end of the year.
The six separate transactions are organized like so:
IRET will sell five seniors housing properties containing 386 rentable units, located in Cheyenne, Casper, and Laramie, Wyo., for a total of $53 million.
IRET will sell two seniors housing properties containing 256 rentable units, both located in Hermantown, Minn., forapproximately $36.8 million.
IRET will sell four seniors housing properties containing 220 rentable units, located in Virginia, Minn.; Kalispell, Mont.; and Omaha and Hastings, Neb. For approximately $32.3 million.
IRET will sell five seniors housing properties containing 514 rentable units, located in East Grand Forks and Brainerd, Minn.; Bismarck and Fargo, N.D.; and Rapid City, S.D., for approximately $71 million.
IRET will sell nine seniors housing properties containing 278 rental units, located in North Dakota, South Dakota, Nebraska and Montana, for approximately $28.8 million.
IRET will sell one seniors housing property containing 97 rentable units and one townhome property containing 24 rentable units, both located in Sartell, Minn., for $14 million.
BMO Capital Markets Corp. acted as financial advisor to IRET on the transactions.