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February 5, 2013
17:04 EDTIRETInvestors Real Estate announces recent development, acquisition activity
Investors Real Estate Trust announced that it has closed on a joint venture for the construction of an apartment project in Minot, North Dakota. IRET has a 51% interest in the Southgate Apartment project joint venture entity, which commenced construction of the project in September 2012. The Southgate Apartments project is to be completed in two phases, with a total of approximately 341 units. IRET currently estimates total costs for both phases of the project at $52.2M. Additionally, on January 11 IRET acquired 2.16 acres of vacant land in Minot, North Dakota, for approximately $1.9M. Separately, IRET also acquired two adjoining parcels of vacant land in the Badger Hills area of Rochester, Minnesota. One parcel, comprised of approximately 20.6 acres of land, was acquired on December 14, 2012 for $775,000. The second parcel, comprised of approximately 3.83 acres of land, was acquired on December 20, 2012 for $275,000. On December 31, IRET acquired 48.41 acres of vacant land in Grand Forks, North Dakota, for approximately $4.3M. The purchase price included an UPREIT contribution of $2M, with the balance paid in cash.
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