Edina senior living facility fetches $41 million.
Byline: Dan Netter
The Waters Senior Living of Edina was sold for more than $41 million to a senior living portfolio related to an Illinois-based real estate investment company.
The 139-unit facility at 6300 Colonial Way in Edina opened in 2013. The Oct. 16 sale works out to just over $300,000 per unit.
This is not the first time the property has changed hands. Back in 2016, it was bought for $51 million by SHP Waters of Edina LLC, which shares a Newark, New Jersey, address with Prudential Private Capital. An executive of The Waters Senior Living described that transaction at the time as a "recapitalization."
The latest buyer, Minneapolis MSA Senior Living Portfolio DST, shares an address with Inland Real Estate Group of Companies, a commercial real estate company with property in most states. Representatives from Inland Real Estate were unavailable for comment when contacted by Finance & Commerce.
"The Waters remains the manager and operator of the community," Rachel Anderson, a publicist for the Waters of Edina, said. "There will be no change in the day-to-day operation."
Edina has many senior living facilities beyond the Waters of Edina. Some include Brookdale Senior Living, the Sunrise of Edina, the Vernon Terrace of Edina and York Gardens Senior Living. Senior housing consultant Jill Johnson called the Edina market for senior living facilities extremely competitive, at least in part because of its proximity to the Fairview Southdale Hospital.
"That makes it an attractive location for older adults and their families who are looking for safe, secure places," she said.
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