IRET Announces Growth in Denver Market

Rhea-AI Summary

IRET announced the acquisition of Parkhouse Apartment Homes in Thornton, Colorado, for $144.75 million. This property, built in 2016, includes 465 homes on 24.2 acres and provides access to major employment centers in north metro Denver. The acquisition is part of IRET's strategy to strengthen its portfolio in Denver, balancing its assets between downtown and suburban areas. This follows the sale of four assets in Grand Forks, ND, for $42.5 million, allowing for strategic reinvestment into higher quality cash flow opportunities.

Positive

• Acquisition of Parkhouse Apartment Homes for $144.75 million enhances IRET's portfolio.
• Strategic balance achieved with 50/50 mix of downtown and suburban properties in Denver.
• Sale of four Grand Forks assets for $42.5 million allows for reinvestment and growth.
• Parkhouse provides access to key employment and retail centers, enhancing tenant appeal.

Negative

• None.

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

FAQ

What is the significance of IRET's acquisition of Parkhouse Apartment Homes?

The acquisition for $144.75 million enhances IRET's portfolio in the Denver market, balancing its assets for improved growth potential.

How much did IRET sell its Grand Forks properties for?

IRET sold four properties in Grand Forks for an aggregate price of $42.5 million.

What is the total number of apartment homes owned by IRET after the recent acquisition?

IRET currently owns 67 apartment communities, comprising 11,910 apartment homes.

How does the Parkhouse acquisition affect IRET's position in Denver?

The acquisition strengthens IRET's market presence in Denver, providing critical mass in a key growth area.