MINOT, ND – December 19, 2013 – Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRET PRB), announced today that its operating partnership, IRET Properties, closed on the sale of two residential properties from its portfolio on December 18, 2013.
A single buyer acquired the two residential properties in South Dakota for a total purchase price of $3.5 million. The properties included:
East Park Apartments: a two building, 84 unit apartment complex located in Sioux Falls, SD sold for $2.2 million.
Sycamore Village Apartments: a two building, 48 unit apartment complex located in Sioux Falls, SD sold for $1.3 million.
“The sale is in concert with IRET Properties plan of selling certain smaller and older properties and redeploying the proceeds into new, larger apartment developments,” said Mark Reiling, IRET’s Executive Vice President of Asset Management. “At the end of November, the East Park Apartments were approximately 99.0% occupied, and the Sycamore Village Apartments were 100.0% occupied. Both of these properties have enjoyed a good occupancy history while part of the IRET portfolio.”
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
Safe Harbor
Statements about IRET’s future expectations and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results could differ materially from expected results.
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