Investors Real Estate Trust Announces Completion Of Multi-Family Property Acquisition In Rochester, Minnesota

Nov 02, 2015, 06:30 ET from Investors Real Estate Trust

MINOT, N.D., Nov. 2, 2015 /PRNewswire/ -- Investors Real Estate Trust (NYSE: IRET) (NYSE: IRET PR) (NYSE: IRET PRB) ("IRET" or the "Company") today announced it closed on the GrandeVille at Cascade Lake rental townhomes in Rochester, Minnesota for $56,000,000. Located near the world-renowned Mayo Clinic and downtown Rochester, this is IRET's 10th multi-family property in the area. "We are excited to add GrandeVille to IRET's Rochester portfolio. Its convenient location and substantial amenities enhance the choices we offer to tenants and solidify our presence in Rochester," commented Matt Volpano, IRET's Vice President of Investments. "This is truly a great addition."

The 276 townhomes feature an individual private entrance, attached garage and spacious floorplan, ranging in size from one bedrooms of 712 square feet to four bedrooms of 1,612 square feet. IRET purchased the property from an entity controlled by LeCesse Development Corp of Alamonte Springs, Florida. This acquisition follows IRET's previously announced strategy to reinvest proceeds from recent sales into the multi-family and healthcare sectors. 

Separately, Investors Real Estate Trust recently celebrated the opening of the art gallery located within the 71 France apartment homes in Edina, Minnesota, which will feature a rotation of local artists' work. The first of three buildings at 71 France opened September 15, 2015, with a total of 109 units and offers studio apartments of 591 square feet to 3-bedroom plus lofts at 1,412 square feet. When complete, this luxury property will total 241 Class A apartments and 22,000 SF of commercial space.

About Investors Real Estate Trust

Investors Real Estate Trust is a self-advised equity real estate investment trust. Its business focus consists of owning and operating income-producing multifamily and healthcare properties located primarily in the upper Midwest states of Minnesota and North Dakota. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis and St. Cloud, Minnesota.

Safe Harbor

Statements about IRET's future expectations and all other statements in this press release other than historical facts, including statements regarding the Company's strategic plan, are subject to various risks and uncertainties, and are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.

CONTACT:

Cindy Bradehoft

Director of Investor Relations

10050 Crosstown Circle, Suite 105

Eden Prairie, MN 55344

Phone: 952.401.4835

E-Mail: cbradehoft@iret.com

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SOURCE Investors Real Estate Trust