Altru Health System transitions ownership of Parkwood Senior Living to Edgewood
(Grand Forks, N.D.) Edgewood Real Estate Investment Trust (Edgewood REIT) and Altru Health System announced the transition of ownership of Parkwood Senior Living, from Altru Health System to Edgewood, effective December 1, 2015. Edgewood REIT will purchase Parkwood Senior Living community and enter into a long-term agreement to lease the community to Edgewood Group LLC, Grand Forks, ND.
“Parkwood has long experienced strong performance while providing high value to its residents. Developing this relationship with Edgewood furthers our commitment to ensuring an unparalleled senior living experience,” states Dennis Reisnour, Chief Executive Officer of Altru Health Resources, part of Altru Health System. “The decision to sell the facility is based on the beliefs that the residents’ needs will be better met by an organization that specializes in providing senior housing and care. Edgewood has a strong reputation as the regional leader for this business. Further, this allows Altru to remain focused on providing acute care for the region.”
“The acquisition of Parkwood Senior Living is Edgewood REIT’s 16th senior housing investment. We are particularly excited about owning this facility because it is in our local community, and we will be part of providing our seniors a home with quality services and amenities they desire,” said Philip Gisi, President of Edgewood REIT.
“We are pleased to expand our services in North Dakota,” says Russell G. Kubik, President and Chief Operations Officer of Edgewood Management Group. “This is where we started, it only makes sense that we continue offering high-quality, consistent and innovative care to our neighbors and friends in Grand Forks. We are also extremely excited about the opportunity to work with Altru Health System in this transition. Both Edgewood and Altru have a long history of providing quality care and services to seniors in our area and we look forward to continuing that tradition today and for years to come.”
About Edgewood Management Group
Edgewood Management Group LLC is the leading operator of senior living communities in the upper Midwest. Since 1992, Edgewood has been committed to helping seniors stay as independent as possible, for as long as possible, with well-trained staff members in communities designed for residents to receive various living and care options. Currently, Edgewood owns and/or operates over 50 independent living, assisted living and memory care communities with over 3,000 beds in seven states (North Dakota, South Dakota, Minnesota, Montana, Nebraska, Wyoming and Idaho), and employs nearly 2,400 people. Edgewood Group's corporate offices are located at 322 Demers Avenue, Suite 500, Grand Forks, N.D.
About Edgewood Real Estate Investment Trust
Edgewood REIT is a Grand Forks-based Real Estate Investment Trust (REIT) that invests in senior housing communities and multi-family properties in the upper Midwest, including a number of apartment units in Grand Forks. Edgewood REIT’s affiliation with Edgewood Management Group provides access to a knowledgeable senior housing operator which greatly minimizes the risks associated with owning a senior housing asset portfolio. The company has about 400 investors, most of which are North Dakota residents.
About Parkwood Senior Living
Parkwood Senior Living is a 172-unit congregate living facility located north of Altru Main Clinic on Columbia Road. Services include independent living, assisted living, basic care and adult day services. Residents enjoy all the luxuries of living in a 24-hour security maintained facility with indoor or outdoor parking, on-site maintenance and housekeeping, various recreational and social activities, fully equipped kitchens or group dining/meal delivery, scheduled transportation, and convenient and quick access to the full services of Altru Health System located adjacent to the facility.