MINNEAPOLIS, Oct. 29, 2019 /PRNewswire/ -- IRET (NYSE: IRET) today announced that it has sold five apartment communities consisting of 414 apartment homes in Bismarck, North Dakota, for an aggregate sale price of $24.0 million. The five Bismarck properties are Crestview, Kirkwood Manor, North Pointe, Pebble Springs, and Westwood Park. Proceeds from this transaction will be used to pay down borrowings on IRET's revolving line of credit.
"We continue to execute on our strategy to improve our portfolio by increasing our exposure to our target markets of the Twin Cities and Denver," said Mark O. Decker, Jr., IRET's President and CEO. "The gross proceeds from the disposition of the five Bismarck properties and the previously announced sale of the full Topeka market portfolio, which in the aggregate totaled $107 million, were successfully deployed in September 2019 into FreightYard Townhomes & Flats in Minneapolis and Lugano at Cherry Creek in Denver for a total investment of $125 million. These transactions enabled us to take advantage of the liquidity in smaller markets to redeploy into more efficient assets with more durable pricing power."
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.
Vice President – Finance