MINOT, N.D., May 30, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRETPR) (NYSE:IRETPRB), and Brutger Equities, Inc. announced today that that their partnership, IRET-WRH 1, LLC, has commenced construction on Phase I of the Renaissance Heights Apartments project in Williston, North Dakota. The Renaissance Heights Apartments project will add approximately 750 units to the area upon completion of the planned three phases.
Phase I of the Renaissance Heights Apartments project will consist of 288 units spread over five buildings, and commenced construction in April 2013. The project will feature tuck under- and detached parking, an indoor pool and spa, a modern fitness center, and a theatre with lounge seating.
The luxury apartment units at the complex offer one, two, and three bedroom floor plan options, featuring in-unit washer and dryer, fully-equipped kitchens, oak cabinetry, and electronic key fobs at unit entry doors. Floor plans will range from 800 square feet to 1,460 square feet, with cable and Wi-Fi internet service accessible in each unit.
"As more families relocate to this area, we believe there will continue to be a strong demand for high quality housing in western North Dakota, and we are pleased to provide it," said Larry Brutger, President of Brutger Equities, Inc. "We are excited to again partner with IRET."
"IRET is continuing to focus on the need for quality multi-family housing in the markets in which it currently has a presence, in accordance with the company's strategic plan," according to Tim Mihalick, President and CEO of IRET.
The project, with First International Bank and Trust acting as lead lender with participation and support from the Bank of North Dakota, will be holding a ground breaking event on June 26th, at 4:00 PM. IRET-WRH 1, LLC expects to begin opening buildings in January 2014.
About Investors Real Estate Trust
Investors Real Estate Trust is an equity real estate investment trust. Its business consists of owning and operating income-producing multi-family residential and commercial properties located primarily in the upper Midwest. Investors Real Estate Trust is based in Minot, North Dakota, and has additional offices in Minneapolis, Minnesota and Omaha, Nebraska.
About Brutger Equities, Inc.
Brutger Equities, Inc. is a privately owned and operated real estate development and management company based in St. Cloud, Minnesota. Brutger Equities specializes in hotels and market rate multi-family apartment home communities in the Central and Western United States.
Forward-Looking Statements
Certain matters discussed in this press release may be deemed to be forward-looking statements within the meaning of the federal securities laws. Although IRET believes the expectations reflected in the forward- looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be met. These factors include, but are not limited to, the risk factors described in our Annual Report on Form 10-K, and include risks that we may not be able to proceed with or obtain necessary approvals or financing for planned development projects, and that development projects may cost more, take more time to complete, or fail to perform as expected; and other risks normally associated with the real estate industry, including risks that occupancy levels at our properties and the amount of rent that we receive from our properties may be lower than expected, that environmental issues may develop at our properties and result in unanticipated costs, and, because real estate is illiquid, that we may not be able to sell properties when appropriate. Given these uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements that we make, including those in this press release. We make no promise to update any of the forward-looking statements as a result of new information, future events or otherwise. You should carefully review the risks and risk factors included in our Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission.