Townhome Portfolio Sells to IRET for $72M

Investors Real Estate Trust (IRET), located in Minot, ND, has struck a $72.5 million deal with Bouquet Cos. to acquire a 393-unit luxury townhome portfolio. The collection is in Rochester, MN and consists of four properties, built between 1990 and 2010.

IRET now owns the 187-unit Avalon Cove at 3202 Avalon Cove Lane NW; the 90-unit Cascade Shores at 144 Beach Lake Road SW; the 76-unit Crystal Bay at 2450 Crystal Bay Court SW; and the 40-unit French Creek at 2000 Chardonnay Lane NW.