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IRET wraps up $42M sale of multifamily portfolio in North Dakota

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IRET wraps up $42M sale of multifamily portfolio in North Dakota

Multifamily real estate investment trust Investors Real Estate Trust closed on the sale of its stake in a multifamily portfolio in Williston, N.D., to Weidner Apartment Homes for $42.3 million.

IRET owned a 100% stake in the Renaissance Heights and Williston Gardens, which contains 433 units and an unoccupied land parcel, and was the sole owner of the 44-unit Dakota Commons property.

Upon closing of the deal, the company does not own any units in the area.