Edgewood Management Group, LLC. (EMG) a Midwest operator of assisted living communities recently announced that it has entered into an agreement with Investors Real Estate Trust ("IRET"), an equity real estate investment trust located in Minot, North Dakota, to manage five assisted living communities in Wyoming. EMG and IRET will also be announcing expansion plans in at least three of the properties, to add memory care units and additional assisted living units.
The properties, purchased by IRET, are located in Casper, Cheyenne and Laramie, Wyoming, and have approximately 322 total units. Edgewood Management Group, LLC. of Grand Forks, North Dakota, owns and/or manages 27 assisted living communities in North Dakota, South Dakota, Montana, Minnesota, Nebraska and Wyoming, with the combined ability to serve more than 1,900 residents.
EMG’s President and Chief Executive Officer, Phil Gisi commented, “We are pleased with our partnership with IRET. Edgewood is committed to helping seniors stay as independent as possible, for as long as possible. These five properties will be a nice addition to the Edgewood family of senior living communities.”