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.
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.
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 email@example.com or via Twitter to @whereskiger . You can call him at 507-285-7798.