Source: Investors Real Estate Trust / #Apartments #Multifamily
ROCHESTER, MN - Investors Real Estate Trust announced it closed on the GrandeVille at Cascade Lake rental townhomes in Rochester, Minnesota for $56,000,000. Located near the world-renowned Mayo Clinic and downtown Rochester, this is IRET's 10th multi-family property in the area.
"We are excited to add GrandeVille to IRET's Rochester portfolio. Its convenient location and substantial amenities enhance the choices we offer to tenants and solidify our presence in Rochester," commented Matt Volpano, IRET's Vice President of Investments. "This is truly a great addition."
The 276 townhomes feature an individual private entrance, attached garage and spacious floorplan, ranging in size from one bedrooms of 712 square feet to four bedrooms of 1,612 square feet. IRET purchased the property from an entity controlled by LeCesse Development Corp of Alamonte Springs, Florida. This acquisition follows IRET's previously announced strategy to reinvest proceeds from recent sales into the multi-family and healthcare sectors.
Separately, Investors Real Estate Trust recently celebrated the opening of the art gallery located within the 71 France apartment homes in Edina, Minnesota, which will feature a rotation of local artists' work. The first of three buildings at 71 France opened September 15, 2015, with a total of 109 units and offers studio apartments of 591 square feet to 3-bedroom plus lofts at 1,412 square feet. When complete, this luxury property will total 241 Class A apartments and 22,000 SF of commercial space.