Med City senior living community sold for $67.3M, though no changes planned

Inland Real Estate Group of Cos. purchased the Waters on Mayowood senior living complex for $67.3 million. No changes to the management, services or name are planned in the wake of sale.

The Waters on Mayowood Senior Living
The Waters on Mayowood Senior Living on Monday, Feb. 14, 2022, in Rochester.
Joe Ahlquist / Post Bulletin
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ROCHESTER — An Illinois real estate investment firm recently closed on the largest Olmsted County real estate deal in at least the last seven years with a $67.3 million purchase of a Med City senior community.

Inland Real Estate Group of Cos. purchased the Waters on Mayowood senior living complex at 827 Mayowood Road SW in three transactions of $53.06 million, $7.30 million and $7.02 million on Feb. 7.

The Waters Senior Living, a privately held organization based in Minnetonka, was the seller in the $53 million and $7.02 million transactions and North Rock Real Estate was the $7.30 million seller.

No changes to the management, services or name are planned in the wake of the sale. The Waters will still manage the day-to-day operations with Inland as the owner.

"The residents remain our number one priority and the residents will see no change in their experiences," said a Waters representative.


North Rock, which has offices in Rochester and Excelsior, helped The Waters develop the 174-unit Mayowood property in 2015.

This deal tops the previous largest transaction of 2022 — the $32.07 million sale of the Hy-Vee grocery store at 4200 West Circle Drive NW on Jan. 19. That means Inland has invested $99 million in Rochester in 2022 so far.

Inland was also the buyer in that transaction, which was part of an $88 million purchase of five Minnesota Hy-Vee stores that also included properties in Spring Lake Park, Lakeville and two in New Prague.

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The property value was assessed at $69.3 million, according to the sale documents.

The last Rochester real estate sale of more than $50 million was in June 2021, when Colorado-based Monarch Investment and Management Group purchased six apartment and townhome properties from North Dakota-based Centerspace for a total of $59.4 million .

Jeff Kiger tracks business action in Rochester and southeastern Minnesota every day in "Heard on the Street." Send tips to or via Twitter to @whereskiger . You can call him at 507-285-7798.

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Jeff Kiger writes a daily column, "Heard Around Rochester," in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. The opinions of my employer do not necessarily reflect my opinions. He has worked in Rochester for the Post Bulletin since 1999. Send tips to or via Twitter to @whereskiger . You can call him at 507-285-7798.
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