Here's another take on IRET's acquisition of 393 luxury rental units in Rochester, including Avalon Cove, along Second Street Southwest:
IRET has been disposing of nonresidential pieces of its portfolio. According to the news release:
"The acquisition of this multifamily portfolio is a strong addition to our platform and solidifies our presence as the largest apartment owner and operator in the Rochester market," said Tim Mihalick, President and Chief Executive Officer of the Company. "Rochester is a growing market with strong fundamentals and a healthy, diversified economic base, including the world-renowned Mayo Clinic, and we believe this acquisition creates the opportunity to generate attractive returns over time. This acquisition, coupled with the sale of non-core student housing assets, continues the evolution of our portfolio and demonstrates our ability to efficiently recycle capital into higher-quality institutional properties as we look to create long-term shareholder value."