Author Archives: ipgocorp

Investors Real Estate Trust Acquires 393-Unit Luxury Multifamily Portfolio for $72.5 Million

Posted on by

ROCHESTER, MN – Investors Real Estate Trust, a self-administered, equity real estate investment trust investing in income-producing properties located primarily in the upper Midwest, announced the acquisition of a 393-unit luxury townhome portfolio in Rochester, Minnesota for $72.5 million and the disposition of a student housing portfolio located in St. Cloud, Minnesota for $5.6 million.  

“The acquisition of this multifamily portfolio is a strong addition to our platform and solidifies our presence as the largest apartment owner and operator in the Rochester market,” said Tim Mihalick, President and Chief Executive Officer of the Company.  “Rochester is a growing market with strong fundamentals and a healthy, diversified economic base, including the world-renowned Mayo Clinic, and we believe this acquisition makes the opportunity to generate attractive returns over time.  This acquisition, coupled with the sale of non-core student housing assets, continues the evolution of our portfolio and demonstrates our ability to efficiently recycle capital into higher-quality institutional properties as we look to make long-term shareholder value.” 

The townhome portfolio consists of four multifamily communities with a central leasing and management office and a community building and has a total of 393 two- and three-bedroom units.  The properties were originally built between 1990 and 2010.  Avalon Cove at 3202 Avalon Cove Lane NW is a 187-unit property which features contemporary-designed townhomes, serene lake views and upscale amenities.  Cascade Shores at 144 Beach Lake Road SW is a 90-unit property with high end finishes and located adjacent to Cascade Lake Park.  Crystal Bay at 2450 Crystal Bay Court SW is a 76-unit property with expansive floor plans and surrounded by serene lakes and wooded areas.  French Creek at 2000 Chardonnay Lane NW is a 40-unit property offering affordable and centrally-located townhomes with shopping and dining options in close vicinity. 

With the addition of these townhomes, the Company now owns 1,773 units within the Rochester market.  Rochester is the second largest MSA in Minnesota, with a population of approximately 212,000.  The largest private employers in the MSA include the Mayo Clinic and IBM.

Additionally, the Company sold a student housing portfolio, consisting of eight buildings comprising 391 units, located in St. Cloud, Minnesota, for $5.6 million. 

Powered by WPeMatico

Building boom continues across Tysons

Posted on by

(RECAP: Even motorists cruising by on the Beltway cannot miss the eruption of glass and concrete taking place in Tysons. Aging edifices have been scrapped away and gleaming new buildings continue to sprout up all over – resulting in a radically altered skyline. About 7 million square feet of construction, including parks and playgrounds, will be delivered in the next six to 30 months. The appraised value of all property in Tysons went up by $1 billion, or 8.7 percent, in the last 12 months, giving a lift to Fairfax County’s coffers, said Michael Caplin, president of the Tysons Partnership. In 2014 and 2015, developers delivered six projects with 2.33 million square feet of space, including 1.44 million of residential, 848,000 of commercial and 45,000 of retail.)

Powered by WPeMatico

Representative Waters Introduces Emergency Relief Legislation to End Homelessness

Posted on by

(RECAP: Last week, House Financial Services Committee Ranking Member Maxine Waters (D-CA) introduced the Ending Homelessness Act of 2016, H.R. 4888, which would provide $13.27 billion over five years to housing and services programs with the goal of ending homelessness in America. Specifically, HR 4888 would provide $1.05 billion annually in mandatory spending dedicated to the National Housing Trust Fund; $2.5 billion for special purpose Section 8 Housing Choice Vouchers for homeless families, youth and individuals; $5 billion in McKinney-Vento Homeless Help Grants funding; $500 million in outreach funding to ensure homeless people are connected to the resources they need; and $20 million in technical help funding to help states and localities align health and housing systems.)

Powered by WPeMatico