IRET has sold a 10-property, 970-unit multi-housing portfolio located in the Midwestern communities of Sioux Falls, S.D., and Sioux City, Iowa. The sales price was $78 million.
JLL marketed the portfolio exclusively on behalf of the seller. Monitor Finance purchased the seven Sioux Falls properties and Monarch Investment and Management Group purchased the three Sioux City properties.
The Sioux Falls properties 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 properties comprise 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 percent.
