NOTE 19 • continued Closed Acquisitions. Subsequent to its April 30, 2008 fiscal year end, the Company closed on the acquisition of several small apartment buildings in Minot, North Dakota, with a total of 52 units, for a total purchase price of $2.5 million, including the issuance to the seller of 191,596 UPREIT units valued at $10.20 per unit. The Company also acquired, subsequent to its fiscal 2008 year end, a parcel of vacant land in Bismarck, North Dakota, for a purchase price of approximately $576,000. This vacant parcel adjoins the Company’s existing Cottonwoods apartment complexes in Bismarck.
2008 Annual Report F-28