Investors Real Estate Trust plans to sell its medical office portfolio for $417.5 million to Harrison Street Real Estate LLC, as part of its strategic transformation efforts. It also acquired a 274-unit apartment property in Denver, marking its entry into that market.
The properties consist of 28 healthcare properties and a commercial property occupied by a healthcare tenant, and encompass roughly 1.3 million square feet in total. The company expects to close on the deal by the end of January 2018, subject to customary closing conditions.
The apartment property, known as Dylan Apartments, was purchased for $90.6 million and is located in the River North Art District.
Investors Real Estate also increased its unsecured, syndicated revolving credit facility by $50 million, boosting commitments to an aggregate $300 million, and closed a $70 million unsecured term loan that expires in 2023.
The company also has sold 22 other noncore properties since July for $98.8 million, including its last two senior housing properties.
