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.
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.
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/iret-acquires-multifamily-property-for-615-million-300464391.html