Cushman & Wakefield represented a joint venture of The Waters Senior Living, Harrison Street Real Estate Capital and North Rock Real Estate in arranging the sale of The Waters on Mayowood, a 175-unit independent living, assisted living and memory care community in Rochester, Minnesota. The property was sold earlier in February for a total of $67.3 million, or just under $385,000 per unit.
Inland Real Estate Group, one of the nation’s largest real estate and finance groups, is acquiring Mayowood and will retain The Waters to manage the community. The property was originally constructed in 2015 and has performed well since opening, averaging over 96% occupancy since January 2018. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Jack Griffin arranged the transaction.
Also in Rochester earlier this year, the homebuilding giant Lloyd Jones purchased River Bend Assisted Living, an 89-unit senior living community that was renamed AVIVA River Bend. There are clearly benefits to being located near the original and largest Mayo Clinic campus, so these communities are highly coveted. Inland Real Estate Group also owns other property in the town, including a grocery store recently purchased for $32 million. Combined with its senior living purchase, that brings Inland’s total investment in Rochester to about $100 million in 2022 so far.
