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.