ST PAUL, MN - IRET, a real estate investment trust focusing on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest, announced the acquisition of Oxbō Apartments, a multifamily property in St. Paul, Minnesota, for $61.5 million.
Chief Executive Officer, Mark O. Decker, Jr. commented, "We are pleased with the acquisition of this high-quality property. Oxbō is well-located in an attractive neighborhood in St. Paul. This transaction furthers our goal to enhance our existing portfolio and improve the prospect of sustainable cash flow growth for our investors."
The Company acquired 202 7th Street West, located in St. Paul, Minnesota, for approximately $61.5 million. The newly constructed property is currently 42% leased and consists of 191 rentable units featuring desirable interior finishes, fitness club, rooftop pool deck, sky lounge, club room and concierge services, as well as indoor parking, bike storage, and a dog wash station.
The building also features nearly 12,000 square feet of fully leased street level retail space. The property is located in one of St. Paul's most vibrant neighborhoods, steps away from entertainment, restaurants and employment centers, as well as local landmarks such as the Mississippi River, The Science Museum of Minnesota, Xcel Energy Center, and Ordway Theater.
IRET focuses on the acquisition, development, redevelopment and management of multifamily communities located primarily in select growth markets throughout the Midwest. As of January 31, 2017, IRET owned interests in 130 properties that were held for investment, consisting of: (1) 86 multifamily properties consisting of 12,813 units, and (2) 44 commercial properties, including 30 healthcare properties, containing a total of approximately 2.7 million square feet of leasable space.