MINNEAPOLIS, July 26, 2018 /PRNewswire/ -- IRET (NYSE: IRET) has closed on the sale of its interest in a Williston, North Dakota multifamily portfolio for an aggregate sale price of $42.3 million.
IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consisted of 433 units and a vacant land parcel, and was the sole owner of the Dakota Commons property consisting of 44 units. IRET managed all 477 units prior to the sale. Williston is in the Bakken region of North Dakota, and its primary economic driver is oil production and related industries. Following this transaction, IRET has no remaining units in Williston, North Dakota.
"The sale of the Williston Portfolio further demonstrates our commitment to constructing a portfolio of multifamily properties that will help our company grow over the long-term," said Mark O. Decker, Jr., President and Chief Executive Officer. "We continue to seek acquisitions in our target markets of Denver and Minneapolis, and to review our existing portfolio for opportunities like Williston where we can exit non-strategic markets on a non-dilutive basis," said Mr. Decker.
The buyer, Weidner Apartment Homes, owns more than 52,000 units and has multifamily investments in other energy-driven markets throughout the U.S. and Canada.
IRET has also continued its strategy to dispose of its commercial and vacant land portfolio, and in July closed on the sale of vacant land in Grand Forks, North Dakota for $3.0 million and a 7,849 square-foot retail building in Minot, North Dakota for $1.9 million.
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of April 30, 2018, IRET owned interests in 90 apartment communities consisting of 14,176 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).
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