MINNEAPOLIS, July 26, 2018 /PRNewswire/ -- IRET (NYSE:
IRET) has closed on the sale of its interest in a Williston, North Dakota multifamily portfolio
for an aggregate sale price of $42.3
million.
IRET owned the majority interest in the Renaissance Heights and
Williston Gardens properties, which consisted of 433 units and a
vacant land parcel, and was the sole owner of the Dakota Commons
property consisting of 44 units. IRET managed all 477 units prior
to the sale. Williston is in the
Bakken region of North Dakota, and
its primary economic driver is oil production and related
industries. Following this transaction, IRET has no remaining units
in Williston, North Dakota.
"The sale of the Williston Portfolio further demonstrates our
commitment to constructing a portfolio of multifamily properties
that will help our company grow over the long-term," said
Mark O. Decker, Jr., President and
Chief Executive Officer. "We continue to seek acquisitions in our
target markets of Denver and
Minneapolis, and to review our
existing portfolio for opportunities like Williston where we can exit non-strategic
markets on a non-dilutive basis," said Mr. Decker.
The buyer, Weidner Apartment Homes, owns more than 52,000 units
and has multifamily investments in other energy-driven markets
throughout the U.S. and Canada.
IRET has also continued its strategy to dispose of its
commercial and vacant land portfolio, and in July closed on the
sale of vacant land in Grand Forks, North
Dakota for $3.0 million and a
7,849 square-foot retail building in Minot, North Dakota for $1.9 million.
About IRET
IRET is a real estate company focused on
the ownership, management, acquisition, redevelopment, and
development of apartment communities. As of April 30, 2018, IRET owned interests in 90
apartment communities consisting of 14,176 apartment homes.
IRET's common shares and Series C preferred shares are publicly
traded on the New York Stock Exchange (NYSE symbols: IRET and IRET
PRC, respectively).
Contact Information
Jonathan
Bishop
Vice President
Phone: 952-401-4827
E-mail: IR@iret.com
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SOURCE IRET