Minot, ND – May 11, 2012 – Investors Real Estate Trust (“IRET”) (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has completed the acquisition of Villa West Apartments in Topeka, Kansas for a purchase price of $17,650,000. The property is comprised of 44 apartment buildings, with 308 apartment units. In accordance with the Company’s strategic plan to own 10,000 units in the company’s top 10 core markets; this acquisition brings the total apartment units owned by IRET Properties in the Topeka, Kansas area to 1,042.
IRET Properties previously completed its acquisition of Ashland Apartments in Grand Forks, ND on March 16, 2012, for a total purchase price of $8,310,000. This property is comprised of a 38-unit building and a 46-unit building. Apartment units owned by IRET Properties in Grand Forks now total 1,134.
IRET also announced that construction of its 159-unit Quarry Ridge II multi-family residential development in Rochester, Minnesota is in the final stages. The first 79 units of this addition adjacent to IRET’s existing Quarry Ridge I property are 77% pre-leased to date, and are expected to open May 15, 2012. The remaining 80 units are expected to be completed July 1, 2012 and are 25% pre-leased to date. The Quarry Ridge II development brings IRET’s total apartment units in Rochester, Minnesota to 1,108. Andy Martin, IRET’s Senior Vice President of Residential Property Management, commented: “Construction on the Quarry Ridge II project has been ahead of schedule, and the lease-up of the development is exceeding our expectations. Additionally, we are pleased that IRET has not experienced any reduction of occupancy in the existing Phase I at Quarry Ridge”. Continue reading
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