JLL sells 970-unit Midwest multi-housing portfolio on behalf of IRET
The 10-property portfolio is located in South Dakota and Iowa
MINNEAPOLIS – December 16, 2019 – JLL announced today that it has closed the sale of a 10-property, 970-unit multi-housing portfolio located in the Midwestern communities of Sioux Falls, South Dakota, and Sioux City, Iowa, on behalf of IRET for a total of $78 million.
JLL marketed the portfolio exclusively on behalf of IRET. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.
The Sioux Falls tranche totaled 526 units. The seven properties were completed between 1985 and 2000 and all provide residents immediate access to leading employers, entertainment venues and major thoroughfares, including Interstates 29 and 90. The Sioux City tranche comprises three communities encompassing 444 units. With completion dates ranging from 1970 to 1998, all of the properties are located within five miles of the city center, which provides residents access to downtown employers and major retailers. The occupancy for the entire portfolio at sale totaled 93%.
The JLL Capital Markets team representing the seller included Senior Vice Presidents Mox Gunderson, Dan Linnell and Josh Talberg, Vice President Adam Haydon and Senior Director David Gaines.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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IRET is a real estate company focused on the ownership, management, acquisition, redevelopment, and development of apartment communities. As of September 30, 2019, we owned interests in 84 apartment communities consisting of 13,336 apartment homes. IRET's common shares and Series C preferred shares are publicly traded on the New York Stock Exchange (NYSE symbols: "IRET" and "IRET PRC," respectively). IRET's press releases and supplemental information are available on its website at iretapartments.com or by calling Investor Relations at 701-837-7104.
About Monarch Investment and Management Group
Monarch Investment & Management Group ("Monarch") specializes in the acquisition and management of investment-grade, income-producing properties, primarily multi-family apartment communities. The Colorado-based firm currently manages 55,891 apartment units. Providing innovative services and solutions to the multifamily sector is the core of Monarch’s foundation. monarchinvestment.com