|Page (1) of 1 - 09/13/17||email article||print page|
IRET Acquires 500-Unit Multifamily Property for $92.3 Million
MINOT, N.D., Sept. 13, 2017 /PRNewswire/ -- IRET (NYSE:IRET) today announced that it acquired Park Place Apartments for $92.3 million. This 500-unit multifamily community is located in the highly desirable Twin Cities submarket of Plymouth, Minnesota.
"This acquisition demonstrates our commitment to our stated strategy of adding multifamily properties, creating operational efficiencies, and deepening our presence in the Twin Cities market," stated Mark O. Decker, Jr., President and CEO. "The inherent demand and demographics within this submarket coupled with limited new supply allows us to capitalize on additional revenue generating opportunities that we believe will translate into sustainable and growing cash flows within our multifamily portfolio."
Originally built in 1985, Park Place Apartments boasts a tranquil sprawling garden setting across 32 acres. The property is currently over 95% occupied and has approximately 571,000 rentable square feet within four apartment buildings. One additional building serves as the property's clubhouse. Other amenities include in-unit washers and dryers, private patios/balconies, state-of-the-art fitness center, business center, two swimming pools, tennis courts, playground, picnic/grill areas, and heated underground parking.
Park Place is located in the city of Plymouth, a premier suburban community located 10 miles northwest of downtown Minneapolis. Nationally recognized for its quality of life, Plymouth offers:
- Proximity to major employers, which include Cargill, Carlson Companies, General Mills, The Mosaic Company and St. Jude Medical;
- Award winning school district Wayzata schools is the preferred school district due to superior academics and athletic teams;
- Nearby restaurants, shopping, and entertainment venues; and
- Access to extensive trails and parks as well as diverse recreation programs.
Plymouth is the third largest suburb of the Minneapolis-Saint Paul MSA, the 16th largest metropolitan area in the U.S. with approximately 3.3 million residents.
IRET is a multifamily real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily communities located primarily in select growth markets. As of July 31, 2017, IRET owned interests in 130 properties that were held for investment, including 88 multifamily properties consisting of 13,076 units and 42 commercial properties, which includes 29 healthcare properties, containing a total of approximately 2.6 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). Additional information may be obtained through the Investors section of IRET's website at www.iretapartments.com or by contacting Investor Relations at 701-837-7104.
Certain statements in this press release are based on our current expectations and assumptions, and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by our use of words such as "expects," "plans," "estimates," "anticipates," "projects," "intends," "believes," "outlook," "strategy," "future," "likely," "may," "should," "will," and similar expressions that do not relate to historical matters. 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: fluctuations in interest rates, the effect of government regulation, the availability of capital, risks associated with our property acquisition and disposition activities, delays in project development, potential environmental liabilities, changes in general and local economic and real estate market conditions, our geographic concentration in Minnesota and North Dakota, our ability to renew or enter into leases of our properties, changing demand for multifamily communities, tenant bankruptcies or insolvencies, restrictive terms of indebtedness, competition from other developers, our ability to attract and retain skilled personnel, our ability to maintain our tax status as a real estate investment trust (REIT), and those risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" contained in our Annual Report on Form 10-K for fiscal year ended April 30, 2017, and in subsequent quarterly reports on Form 10-Q. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Senior Vice President Capital Markets
Copyright 2014 PR Newswire. All Rights Reserved
Related Keywords:USA, Science, Sports, Business, Entertainment, Tennis, Other,