MINNEAPOLIS, Dec. 16, 2019 /PRNewswire/ -- IRET (NYSE:
IRET) today announced that it has sold 10 apartment communities
consisting of 969 apartment homes in Sioux Falls, South Dakota, South Sioux City, Nebraska, and Sioux City, Iowa, for an aggregate sale price
of $78.0 million. The ten communities
are Arbors, Cottage West Twin Homes, Gables Townhomes, Indian
Hills, Oakmont Estates, Oakwood Estates, Oxbow Park, Prairie Winds,
Ridge Oaks, and Sierra Vista.
Proceeds from this transaction will be used to pay down borrowings
on IRET's revolving line of credit and to retire $12.3 million of mortgage debt while the Company
seeks additional acquisition opportunities.
IRET will finish 2019 with aggregate multifamily dispositions of
approximately $188 million. Year to
date, the Company has completed $169.3
million of acquisitions, including SouthFork Townhomes and FreightYard Townhomes
and Flats in Minnesota and Lugano
at Cherry Creek in Denver,
Colorado.
"We continue to be opportunistic with dispositions while buying
more efficient assets in our strategic markets of the Twin Cities and Denver. Per share growth is one of our core
focus areas, and these transactions will ensure that we have
increased the quality, durability, and long-term growth of our cash
flow," said Mark O. Decker, Jr.,
President and CEO of IRET.
About IRET
IRET is a real estate company focused on the ownership,
management, acquisition, redevelopment, and development of
apartment communities. As of September 30,
2019, we owned interests in 84 apartment communities
consisting of 13,336 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).
IRET's press releases and supplemental information are available on
its website at www.iretapartments.com or by calling Investor
Relations at 701-837-7104.
Contact Information
Jonathan
Bishop
Vice President – Finance
Phone: 701-837-7104
E-mail: IR@iret.com
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SOURCE IRET