December 17, 2019
Minot, ND-based-based IRET exited the Sioux City, IA and Sioux Falls, SD markets, selling 10 properties totaling 969 apartments for an aggregate sale price of $78 million. The 10 communities include Arbors, Cottage West Twin Homes, Gables Townhomes, Indian Hills, Oakmont Estates, Oakwood Estates, Oxbow Park, Prairie Winds, Ridge Oaks, and Sierra Vista.
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 in Minnesota, and Lugano at Cherry Creek in Denver.
“We continue to be opportunistic with dispositions, while buying more efficient assets in our strategic markets of the Twin Cities and Denver,” said Mark O. Decker, Jr., president and CEO of IRET. “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.”
Pictured: Oakmont Estates, Sioux Falls, SD. Photo courtesy of IRET.
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