MINOT, N.D., May 26, 2017 /PRNewswire/ -- IRET (NYSE:
IRET) a real estate investment trust focusing on the acquisition,
development, redevelopment and management of multifamily
communities located primarily in select growth markets throughout
the Midwest, today announced the acquisition of Oxbō Apartments, a
multifamily property in St. Paul,
Minnesota, for $61.5
million.
Chief Executive Officer, Mark O. Decker,
Jr. commented, "We are pleased with the acquisition of this
high-quality property. Oxbō is well-located in an attractive
neighborhood in St. Paul. This transaction furthers our goal
to enhance our existing portfolio and improve the prospect of
sustainable cash flow growth for our investors."
The Company acquired 202 7th Street West, located in
St. Paul, Minnesota, for
approximately $61.5 million.
The newly constructed property is currently 42% leased and consists
of 191 rentable units featuring desirable interior finishes,
fitness club, rooftop pool deck, sky lounge, club room and
concierge services, as well as indoor parking, bike storage, and a
dog wash station. The building also features nearly 12,000 square
feet of fully leased street level retail space. The property is
located in one of St. Paul's most
vibrant neighborhoods, steps away from entertainment, restaurants
and employment centers, as well as local landmarks such as the
Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway
Theater.
About IRET
IRET focuses on the acquisition, development, redevelopment and
management of multifamily communities located primarily in select
growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130
properties that were held for investment, consisting of: (1) 86
multifamily properties consisting of 12,813 units, and (2) 44
commercial properties, including 30 healthcare properties,
containing a total of approximately 2.7 million square feet of
leasable space. IRET's common shares and Series B preferred shares
are publicly traded on the New York Stock Exchange (NYSE symbols:
IRET and IRETPRB, respectively). IRET's press releases and
supplemental information are available on its website at
www.iret.com or by contacting Investor Relations at
701-837-7104.
Forward-Looking Statements
Certain statements in this press release, including statements
regarding IRET's plans and expectations with respect to its
strategic transformation are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results to
differ materially from projected results. Such risks,
uncertainties and other factors include, but are not limited
to: changes in operating costs; the effect of government
regulation; the availability of capital; changes in general and
local economic and real estate market conditions; IRET's ability to
complete acquisitions and dispositions on attractive terms, or at
all; IRET's ability to manage its current debt levels and repay or
refinance its indebtedness upon maturity or other payment dates;
IRET's ability to maintain financial covenant compliance under its
debt agreements; fluctuations in interest rates; IRET's ability to
maintain effective internal controls over financial reporting and
disclosure controls and procedures; competition; IRET's ability to
attract and retain skilled personnel; and those risks and
uncertainties detailed from time to time in IRET's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended April
30, 2016. We assume no obligation to update or
supplement forward-looking statements that become untrue because of
subsequent events.
CONTACT INFO
Investor Relations
Stephen Swett
phone: 701-837-7104
email: IR@iret.com
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SOURCE IRET