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IRET Announces Recent Property Acquisition And Dispositions

MINOT, N.D., Nov. 19, 2010 (GLOBE NEWSWIRE) -- Investors Real Estate Trust ("IRET") (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has completed the acquisition of the Edgewood Vista senior living facility located in Minot, North Dakota, for a total purchase price of $15.2 million.

The single-story, 108,503 square foot senior housing facility is located on approximately 8.8 acres with 63,742 net rentable square footage consisting of 145 assisted living beds and 22 memory care beds. As part of the acquisition, IRET assumed a $5.6 million secured mortgage loan, which bears a 6.7% interest rate and matures in December 2021. The Company also placed a supplemental loan on the property in the amount of $4.3 million, with an interest rate of 6.4% maturing in December 2021. The facility will be leased to Edgewood Minot Senior Living, LLC. 

In accordance with the Company's strategic plan to condense its geographic footprint, IRET has also closed on the sale of three multi-family properties in Colorado:

Miramont Apartments: a 210-unit complex located in Ft. Collins, sold to Miramont Apartments, LLC, a Delaware limited liability company, for a sales price of $17.2 million, consisting of the assumption by the buyer of the existing mortgage of $10.5 million, with the remainder consisting of cash to IRET.  

Neighborhood Apartments: a 192-unit complex located in Colorado Springs, sold to Neighborhood Apartments, LLC, a Delaware limited liability company, for a sales price of $11.5 million, including the assumption by the buyer of the existing mortgage of $9.5 million and the remainder consisting of cash to IRET.

Pinecone Apartments: a 195-unit complex located in Ft. Collins, sold to Pinecone Apartments, LLC, a Delaware limited liability company, for a sales price of $15.9 million, out of which sales proceeds IRET paid off the existing mortgage with NorthMarq Capital, LLC, in the amount of $9.5 million.

Earlier in November, IRET Properties also closed on the sale of the Waconia Industrial Building in Waconia, Minnesota, sold to Pine Park Properties, LLC, a Minnesota limited liability company, for a sales price of $2.3 million, out of which sales proceeds IRET paid off the existing mortgage with TCF Bank in the amount of $1.1 million.

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