MINNEAPOLIS, Sept. 22, 2020 /PRNewswire/ -- IRET (NYSE:
IRET) announced today it has acquired Parkhouse Apartment Homes in
Thornton, Colorado, for an
aggregate purchase price of $144,750,000. Parkhouse, constructed in 2016,
consists of 465 homes on 24.2 acres of land. Located in north metro
Denver, Parkhouse provides
convenient access to major employment centers and robust retail
offerings.
This announcement comes on the heels of IRET's sale of four
assets in Grand Forks, ND
consisting of 690 homes for an aggregate sale price of $42.5 million. "We are excited to continue our
growth in Denver and advance
improvements in the quality of our portfolio. This acquisition
balances our existing Denver
portfolio to 50/50 downtown and suburban and allows us to achieve
critical mass in this key growth market," said Mark Decker, Jr., IRET's CEO. "The
Grand Forks portfolio sale allowed
us to take advantage of strong demand for multifamily product in
our secondary markets and redeploy the proceeds into a
best-in-class community resulting in higher quality cash flow and
better potential for growth."
About IRET
IRET is a real estate company focused on the ownership,
management, acquisition, redevelopment, and development of
apartment communities. Currently we own 67 apartment
communities consisting of 11,910 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 PC,"
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.
Investor Relations Contact Information
Emily Miller
Investor Relations
Phone: 701-837-7104
E-mail: IR@iret.com
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SOURCE IRET