An Ohio-based real estate investment trust has acquired Hubbell Realty Co.’s portfolio of Edencrest senior living communities, ending Hubbell’s 15-year investment in developing and expanding the brand, real estate records show.
Welltower Inc., an S&P 500 company headquartered in Toledo, Ohio, paid Hubbell Realty nearly $133.9 million for the 10 Edencrest communities in deals that were finalized in late June, records show. The senior living communities are in Des Moines, Adel, Altoona, Ankeny, Johnston, Norwalk, Pleasant Hill, Urbandale and Waukee.
A Hubbell spokesperson said the company was unable to comment on the transactions. The spokesperson, in an email, wrote that Hubbell Realty does not have plans to develop more senior living communities. “However, if the opportunity arose from a third-party, general contraction perspective, we’d welcome the conversation,” the spokesperson wrote…