IRET Acquires $62M Minneapolis Community

The company acquired a Minneapolis community, located in one of St. Paul’s most vibrant neighborhoods. The property was 45 percent pre-leased as of April.

Investors Real Estate Trust (IRET) announced the acquisition of Oxbo Apartments, a 191-unit community located in St. Paul, Minn. The company purchased the asset for $61.5 million.

“This transaction furthers our goal to enhance our existing portfolio and improve the prospect of sustainable cash flow growth for our investors,” Mark Decker, CEO of IRET, said in a prepared statement.

Located at 202 7th W. St., the six-story building features one-, two- and three-bedroom units. Common area amenities include a fitness center, a clubhouse, spa, bike storage and a dog wash station. Additionally, the community offers a rooftop pool deck with an all-season jacuzzi spa, outdoor fireplace, sky lounge, 11,500-square-foot retail space and a total of 300-parking spaces. According to Yardi Matrix, Oxbo was 36 percent pre-leased as of May.

Oxbo Apartments is situated in one of St. Paul’s most vibrant neighborhoods, in close proximity to various entertainment options, restaurants and employment centers. The Mississippi River, The Science Museum of Minnesota, Xcel Energy Center and Ordway Theater are also nearby.

Back in September, the company sold an entire senior housing portfolio for $280 million. The six transactions are expected to close this year.

Images courtesy of Yardi Matrix and Oxbo Apartments