MINOT, N.D., Sept. 19, 2013 (GLOBE NEWSWIRE) -- Investors Real Estate Trust (NYSE:IRET) (NYSE:IRET PR) (NYSE:IRET PRB) has commenced construction on Phase I of the Cardinal Point Apartments project in Grand Forks, North Dakota, and Phase I of the Chateau II Apartments in Minot, North Dakota. Once completed, the two projects will add 324 luxury apartment units to IRET's North Dakota apartment portfolio.
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The 252 unit Cardinal Point Apartments will provide the Greater Grand Forks area with multiple studio, one, two, and three bedroom floor plans, and an abundant amenity package.
The 72 unit Chateau II Apartments are a rebuild/remodel of the east wing of IRET's currently owned Chateau Apartments that were damaged by the 2011 flood and subsequent fire. The building is increasing in size from 32 units to 72 units, and will be connected to the existing Chateau I via a skywalk.
IRET's unique, spacious floor plans will feature granite countertops, stainless steel appliances, and in-unit washer and dryer in each unit. Community amenities in both projects will include underground parking, community room, pool, and fitness center with strength training and cardiovascular health equipment.
"The Cardinal Point and Chateau II developments show IRET's commitment to increasing our multi-family portfolio in our core markets, in accordance with our strategic plan," said Andy Martin, Senior Vice President of Residential Management. "These two development projects continue IRET's trend of developing quality apartment communities with industry-leading amenities in our markets."
Separately, IRET also reported the opening of the Landing at Southgate, and the first phases of two apartment projects in the Upper Midwest:
The Landing at Southgate - Phase I, consisting of 36 units in Minot, North Dakota, opened August 15, 2013, and Phase II opened September 9, 2013. The Landing at Southgate consists of 108 units across three buildings, and current occupancy is at 79.6%.
Cypress Court Apartments - Phase I, consisting of 66 units located in St. Cloud, Minnesota, opened on August 1, with occupancy of 69.7%. Phase II is expected to be completed in October and is currently 33.3% preleased. Upon completion, Cypress Court will have a total of 132 units.
River Ridge Apartments - Phase I, consisting of 60 units located in Bismarck, North Dakota, opened August 15, with occupancy of 98.3%. Phase II is expected to be completed in early December 2013, and is currently 30.2% preleased. When completed, River Ridge will have a total of 146 units.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements regarding development plans, project design, configuration and sizing, expected construction completion dates and cost estimates. Actual results may differ materially from those projected in such forward-looking statements. Factors that might cause such a difference include, but are not limited to, changes in market demand for rental units and the impact of competition and competitive pricing, changes in economic conditions, unexpected delays in the development and construction of the projects, changes in financing assumptions, unexpected difficulties in leasing, and other risks detailed in the Company's filings with the Securities and Exchange Commission (SEC). All forward-looking statements are made as of today, and the Company assumes no obligation to update this information. For more details relating to risk and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including the Company's most recent Annual Report on Form 10-K for the fiscal year ended April 30, 2013, and quarterly report on Form 10-Q for the quarter ended July 31, 2013.
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 and St. Cloud, Minnesota.
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