IRET has completed the sale of its medical office building portfolio, closing on 25 properties for a total price of nearly $368M to Harrison Street Real Estate. The seller announced the deal at the end of November.

The sale is an important part of the Minneapolis-based REIT's transition to a multifamily-focused company.

Previously, IRET's portfolio consisted of both multifamily and healthcare properties, mainly in Minnesota and North Dakota.

"The sale of the medical office building portfolio is a major milestone for IRET, representing the final step necessary to transform us into a focused multifamily company," IRET President and CEO Mark O. Decker Jr. said.

"Over the past 18 months, we've been strategically selling our senior housing, commercial, medical office and other non-core properties."

The proceeds of the sale will be used to expand the company's multifamily portfolio in the Twin Cities, as well as Denver and other markets, Decker added.

As of the end of Q3, the company owned interests in 89 multifamily properties totaling 13,576 units.