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IRET Exits North Dakota Market with $42M MF Portfolio Sale
Minneapolis-based IRET closed on the sale of its interest in a Williston, ND multifamily portfolio to Weidner Apartment Homes for $42.3 million. IRET owned the majority interest in the Renaissance Heights and Williston Gardens properties, which consisted of 433 units and a vacant land parcel, and was the sole owner of the 44-unit Dakota Commons property.
IRET’s Mark O. Decker, Jr. says, “The sale of the Williston Portfolio further demonstrates our commitment to constructing a portfolio of multifamily properties that will help our company grow over the long-term. We continue to seek acquisitions in our target markets of Denver and Minneapolis, and to review our existing portfolio for opportunities like Williston where we can exit non-strategic markets on a non-dilutive basis.”
The sale leaves IRET with no remaining units in Williston, ND, a market in the Bakken region of North Dakota whose primary economic driver is oil production and related industries.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
