National CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

National  + North Dakota  + Senior Housing  | 

Investors Real Estate to Exit Senior Housing with $236M Sale

Investors Real Estate Trust (IRET) has entered into six separate agreements with Edgewood Senior Living, for planned disposition of 26 senior housing properties and one multifamily asset. The total sales price upon closing will be approximately $236 million. The transactions are scheduled to close in calendar 2017. The Minot, ND-based REIT also excised purchase options of Edgewood Senior Living for eight Idaho-based assets, for a total of $43.5 million. Upon closing, IRET will officially exit the senior housing sector.

According to IRET CEO Tim Milhalick, the upcoming sales activities represent “a significant step in our efforts to transform IRET into a pure-play multifamily company.” Cash flow from the sales will help provide capital for new investments, he said.

Read More at PR Newswire

Connect with IRET

For comments, questions or concerns, please contact Amy Sorter

Connect

Inside The Story

About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

New call-to-action
AshcroftCapital-04-cube
Wonderful-04-cube
Chase-12-cube