Investors Real Estate Trust plans 2017 exit from seniors housing

Share this content:

Minot, ND-based Investors Real Estate Trust plans to complete its exit from the seniors housing arena in 2017 when $236 million in sales agreements for 27 properties close, the real estate investment trust announced late Wednesday.

The REIT said it has entered into six separate sales agreements with several affiliates of Edgewood Senior Living for 26 senior housing properties and one multifamily property. Affiliates of the buyers currently lease 25 of the 26 senior housing properties from the trust, which previously announced that tenants were purchasing eight other seniors housing properties in Idaho for $43.5 million.

“The sale of our senior housing properties is a significant step in our efforts to transform IRET into a pure-play multifamily company,” CEO Tim Mihalick said.

If all of the transactions close, Investors Real Estate Trust said it will have completely disposed of its senior housing portfolio for a total of approximately $279.5 million.

Included in 27 transactions announced Wednesday:

  • Five seniors housing properties containing 386 rentable units in Cheyenne, Casper and Laramie, WY, for a total of $53 million.
  • Two seniors housing properties containing 256 rentable units in Hermantown, MN, for a total of approximately $36.8 million.
  • Four seniors housing properties containing 220 rentable units in Virginia; Minnesota; Kalispell, MT; and Omaha and Hastings, NE, for a total of approximately $32.3 million.
  • Five seniors housing properties containing 514 rentable units in East Grand Forks and Brainerd, MN; Bismarck and Fargo, ND; and Rapid City, SD, for approximately $71 million.
  • Nine seniors housing properties containing 278 rental units in various states, including Montana, Nebraska, North Dakota and South Dakota, for approximately $28.8 million.
  • One seniors housing property containing 97 rentable units, and one townhome property containing 24 rentable units, in Sartell, MN, for $14 million.

BMO Capital Markets Corp. advised the company in connection with the sale transactions.

close

Next Article in Companies

In Focus

Aug. 15 

Senior 'stay-cation'

State College, PA 

Residents and friends of Juniper Village at Brookline's Wellspring Memory Care in State College, PA, recently took a virtual trip to the beach.

Subscribe for free!

Never Miss out

Get top stories sent to your inbox