IRET Sells 970-Unit Multifamily Portfolio in Iowa, South Dakota for $78M
SIOUX CITY, IOWA AND SIOUX FALLS, S.D. — IRET has sold a 10-property, 970-unit multifamily portfolio in Sioux City and Sioux Falls for $78 million. Monarch Investment and Management Group purchased the three Sioux City properties, which total 444 units. The communities were built between 1970 and 1998. Monitor Finance acquired the seven Sioux Falls properties, which total 526 units. They were completed between 1985 and 2000. At the time of sale, the occupancy for the entire portfolio was 93 percent. Mox Gunderson, Dan Linnell, Josh Talberg, Adam Haydon and David Gaines of JLL represented IRET in the sale.