The Inland Real Estate Group of Companies, an Illinois-based commercial real estate investment group, bought a seniors housing community located in Edina, Minnesota, from an entity affiliated with Prudential Financial. Built in 2013, the community is The Waters of Edina, which comprises 139 independent living, assisted living and memory care units with amenities including an indoor pool and a theater.
Inland bought the community for $41.7 million, or just over $300,000 per unit, with The Waters remaining as the operator. The Prudential entity previously purchased the community in 2016 for at least $51 million, according to a state filing. In 2017, Prudential also purchased another Waters seniors housing community, The Waters on 50th, with 90 units in Minneapolis for $34.4 million. Prudential still retains ownership of The Waters on 50th. No other details were disclosed.
