IRET Expands Denver, Minneapolis Portfolios
Apart from paying $125.3 million for two communities in Colorado and Minnesota, IRET also sold its entire Topeka, Kan., portfolio for $82.8 million.
Investors Real Estate Trust (IRET) has acquired two multifamily communities: Lugano Cherry Creek, a 328-unit community in Denver, and FreightYard Townhomes & Flats, a 96-unit property in Minneapolis. The first one changed hands for $99.3 million, while the latter traded for $26 million. IRET expanded its Denver portfolio following last year’s acquisition of a $128.7 million community in downtown. At the same time, IRET has exited the Topeka, Kan., market by selling its entire 1,042-unit portfolio for a $82.8 million.
According to Yardi Matrix data, Lugano Cherry Creek last changed hands in 2015 when Brass Enterprises purchased it for $67.9 million. Located at 9601 E. Iliff Ave., the two four-story buildings feature a mix of one-, two- and three-bedroom units, ranging from 689 to 1,509 square feet. Lugano Cherry Creek was 93.8 percent occupied as of August, per Yardi Matrix. Common-area amenities include a swimming pool, spa, clubhouse with billiards, business center, courtyard with gazebo and fountain, 24-hour fitness center, lounge area with fireplace and a bark park. Additionally, the asset includes 13,262 square feet of retail space.
FreightYard Townhomes & Flats is a two-story building community located at 50 N. Fourth Ave., with convenient access to Target Field, First Avenue, Target Center, Minneapolis Farmers Market and the Minneapolis skyway system. The community features a mix of one- and two-bedroom units, averaging 694 square feet. FreightYard last traded in 2017, when Goodman Real Estate purchased it for $18.2 million, according to Yardi Matrix. As of August, the property was 99 percent occupied.