A Minot real estate company plans to build 240 apartment units on 10 acres of land it recently purchased in south Grand Forks.
"Grand Forks has always been a good market," said Tom Wentz, executive vice president of IRET. "There's certainly a fair amount of demand right now."
He described the apartments as an "A-type" project with swimming pools and underground parking, aimed at the upper end of the market.
The company plans to build the apartments at 47th Avenue South and South 20th Street. Wentz expects them to be ready by spring of 2014.
IRET has also purchased a 45-acre parcel of land to east and has plans to develop that for housing a few years in the future, Wentz said.
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The company owns and manages rental and commercial property in 10 states in the Upper Midwest, including about 1,000 apartment units in Grand Forks, according to Wentz.
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