IRET announces the acquisition, with a joint venture partner, of 40 acres of land inside the city limits of Williston, North Dakota, for a purchase price of approximately $4.6 million. The land has been approved for multifamily development with the potential to accommodate up to 850 units. IRET owns 70% of the joint venture entity.Folks can do a lot of back-of-the-envelope calculations on this little bit of data.
A huge "thank you" to Don who alerted me to this story. I would have missed it. In fact, readers, I think, alert me to about 75% of stories I link.
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Speaking of folks that go unappreciated or under-appreciated, a big "thank you" to Karen over at the Bakken Shale Discussion Group. For a long time, on a daily basis, despite having a real life (unlike me), she posted the results of wells that came off the confidential list on a daily basis. I couldn't wait for her reports to be posted. It was because of her posts, I finally decided to get my own "Basic Subscription" at the NDIC website. One of the nice things about her postings at the Discussion Group, folks would comment on the peculiarities of various wells. I learned a lot.
I will thank her again on a stand-alone post -- I hope it doesn't embarrass her -- but a lot of folks really appreciated all she did. She probably did more than anyone else to get me really interested in the NDIC reports.
She hasn't posted in several weeks now. I assume her BEXP oil well came in with a typical BEXP IP and she is on a Caribbean beach somewhere. It takes a lot of work to post these results every day, and with the manufacturing phase about ready to kick in, it will only get more challenging.
So, thank you, Karen, wherever you are, and I hope you are enjoying the beverage of your choice on that white, sandy beach.
