IRET Furthers Portfolio Transformation with the Exit of Sioux Falls and Sioux City Markets
MINNEAPOLIS, Dec. 16, 2019 /PRNewswire/ — IRET (NYSE: IRET) today announced that it has sold 10 apartment communities consisting of 969 apartment homes in Sioux Falls, South Dakota, South Sioux City, Nebraska, and Sioux City, Iowa, for an aggregate sale price of $78.0 million. The ten communities are Arbors, Cottage West Twin Homes, Gables Townhomes, Indian Hills, Oakmont Estates, Oakwood Estates, Oxbow Park, Prairie Winds, Ridge Oaks, and Sierra Vista. Proceeds from this transaction will be used to pay down borrowings on IRET’s revolving line of credit and to retire $12.3 million of mortgage debt while the Company seeks additional acquisition opportunities.
IRET will finish 2019 with aggregate multifamily dispositions of approximately $188 million. Year to date, the Company has completed $169.3 million of acquisitions, including SouthFork Townhomes and FreightYard Townhomes and Flats in Minnesota and Lugano at Cherry Creek in Denver, Colorado.
«We continue to be opportunistic with dispositions while buying more efficient assets in our strategic markets of the Twin Cities and Denver. Per share growth is one of our core focus areas, and these transactions will ensure that we have increased the quality, durability, and long-term growth of our cash flow,» said Mark O. Decker, Jr., President and CEO of IRET.
IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of September 30, 2019, we owned interests in 84 apartment communities consisting of 13,336 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.
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