UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of Report (Date of earliest event reported): November 14, 2014 

Sterling Real Estate Trust
(Exact name of registrant as specified in its charter)

 

 

 

 

 

North Dakota

 

000-54295

 

90-0115411

(State or other Jurisdiction of Incorporation)

 

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

 

1711 Gold Drive S., Suite 100
Fargo, North Dakota

 

58103

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (701) 353-2720 

 

INREIT Real Estate Investment Trust

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 


 

Item 1.01 Entry into a Material Definitive Agreement

On November 14, 2014, Sterling Real Estate Trust, through its operating partnership, Sterling Properties, L.L.L.P. entered into a purchase agreement with Maplewood Apartments, LLC, Valley View Apartments, LLC, RES Apartments, LLC, Brighton Village Apartments, L.L.P., Masara Properties Limited Partnership, Georgetown Court Limited Partnership,  Maurice Filister Properties LP, and Rosedale Estates North, LLC to acquire a portfolio of seven multi-family apartment properties located in the greater Minneapolis/St. Paul metropolitan area.  The seven properties, in total, comprise 1,494 apartment units.

The proposed purchase price under the agreement is $103,500,000.   The Trust is presently seeking financing for approximately 65% of the total purchase price.    The purchase agreement is subject to numerous closing conditions and other terms and conditions customary for real estate transactions, including further due diligence review.  While the parties project a closing date of December 19, 2014, closing may occur after this date and there is no assurance at this time that closing will occur.  

 

 

 

 

 

 

 

 

 

 


 

SIGNATURES 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

Sterling Real Estate Trust

 

 

Date: November 19, 2014

 

 

By: /s/ Bradley J. Swenson

 

Name: Bradley J. Swenson

 

Title: President