December 6, 2017
Minot, ND-based IRET is nearing the completion of its strategic transformation through a series of key transactions. That includes divesting non-core assets and focusing on multifamily properties.
IRET is selling its medical office portfolio for $417.5 million to an undisclosed buyer in a deal expected to close by the end of January 2018. The properties represent roughly 1.3 million square feet, and include the company’s entire healthcare portfolio, consisting of 28 properties, as well as another property occupied by a healthcare tenant.
IRET also entered the Denver market via the acquisition of the 274-unit Dylan Apartments in River North Art District for $90.6 million.
IRET’s Mark O. Decker, Jr. says, “These transactions move our transition forward toward simplicity, focus, and quality. Closing on the sale of our medical office properties will mark a significant milestone for IRET, and is the final component necessary to transform us into a focused multifamily company.”
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