IRET Announces New Investments in Denver and Minneapolis and Exits the Topeka Housing Market
MINNEAPOLIS, Sept. 25, 2019 /PRNewswire/ -- IRET (NYSE: IRET) today announced it has acquired Lugano at Cherry Creek in Denver, Colorado, for an aggregate purchase price of $99.25 million. The Lugano property consists of 328 homes and 13,262 square feet of retail space on 14.2 acres of land. Lugano Cherry Creek, built in 2010, is centrally located within the metro Denver area and provides access to many major employment centers. The homes at Lugano feature granite countertops, large cabinets, nine-foot ceilings, walk-in closets, full-sized washer/dryer, and private patios/balconies. Lugano also offers a full amenity package that includes a clubhouse, outdoor swimming pool, fitness center, cybercafé, outdoor lounge, and structured parking.
Additionally, IRET has recently acquired FreightYard Townhomes & Flats, a unique and irreplaceable 96-home community located in the North Loop area of Minneapolis, Minnesota, for an aggregate purchase price of $26.0 million. FreightYard is an adaptive re-use of a brick and timber freight house that was refurbished in 2018 and 2019 into 96 walk-up style townhomes and flats, all of which contain exposed brick/timber, high ceilings, and the amenity of one of the best urban neighborhoods in the Twin Cities. FreightYard is located one block from the Mississippi riverfront and is within walking distance of Target Field, First Avenue, Target Center, Minneapolis Farmers Market, and the Minneapolis skyway system.
IRET also announced today that it has closed on the sale of its entire Topeka portfolio consisting of 1,042 multifamily homes for an aggregate sale price of $82.75 million. "The opportunistic disposition of our Topeka portfolio allowed us to take advantage of strong demand for multifamily product in our secondary markets and redeploy the proceeds into our strategic growth markets," said Mark O. Decker, Jr., IRET's President and CEO. "Our aim is to increase the quality of our business, and selling the Topeka portfolio and acquiring assets like Lugano and FreightYard is a great step forward. In every respect, IRET is a better company after this exciting series of transactions, with higher quality cash flow, better potential for growth, and better underlying fundamentals."
About IRET
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of June 30, 2019, we owned interests in 88 apartment communities consisting of 13,975 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: "IRET" and "IRET PRC," respectively). IRET's press releases and supplemental information are available on its website at www.iretapartments.com or by calling Investor Relations at 701-837-7104.
Contact Information
Jonathan Bishop
Vice President – Finance
Phone: 701-837-7104
E-mail: [email protected]
SOURCE IRET
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