May 30, 2017
Minot, ND-based IRET acquired Oxbō Apartments, a multifamily property in St. Paul, MN from developer Opus for $61.5 million. The newly-constructed property at 202 7th Street West consists of 191 rentable units, as well as nearly 12,000 square feet of fully-leased street-level retail space.
IRET’s Mark O. Decker, Jr. said, “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 42%-leased apartment property is located in one of St. Paul’s most vibrant neighborhoods, steps away from entertainment, restaurants, employment centers and local landmarks. It features a fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station.
For comments, questions or concerns, please contact Dennis Kaiser