IRET has promoted Anne Olson to COO. Andrew Martin has resigned from his position as Executive VP, Property Operations, of the company effective June 25. Martin will assist with his transition through July 31. . Olson has served as Executive VP, General Counsel and Secretary since April 30, 2017, overseeing the Asset Management and Legal Departments, and will continue in her capacity as General Counsel and Secretary.
IRET acquired Westend, a multifamily apartment community in Denver, CO, for $128.7M. This 390-home multifamily community is located in downtown Denver. The property is currently over 93.5% occupied and has approximately 343,138 rentable square feet within 15 apartment buildings.
IRET completed the sale of two additional medical office buildings on January 19, 2018, for an aggregate sale price of approximately $30.5M. This follows the company's announcement on January 2, 2018, that it sold 25 medical office buildings for an aggregate sale price of approximately $367.7M. With these latest transactions, IRET has now sold 27 of its 28 healthcare properties for an aggregate sale price of approximately $398.2M. The final property remains under contract for sale pending the satisfaction of certain closing conditions. Over the next six months, if the closing conditions are met, IRET expects to complete the sale of the final property for a sale price of approximately $1.9M.
Pre-earnings options volume in Investors Real Estate is 12.5x normal with calls leading puts 10:9. Implied volatility suggests the market is anticipating a move near 19.6%, or $1.22, after results are released. Median move over the past eight quarters is 3.0%.