FAIRMONT — Looking to invest in rental properties? The Fairmont Housing and Redevelopment Authority has got some prime real estate available.

This week, the HRA opted to put eight townhomes in the 500 block of Burton Lane and 16 units in the 2600 block of Poetter Circle up for sale, popular properties that frequently have a waiting list for occupancy.

“The original intent was to build them and then get them to private enterprise and then use that money for other housing projects,” said Ron Kopischke, chairman of the Fairmont HRA.

The city of Fairmont and the HRA built the Burton Lane units in 2001 and the Poetter Circle units in 2003 with the eventual goal of selling them and rolling the proceeds into additional rental housing. The bonding process used prohibited the sale of the properties for a period of time, but that restriction no longer exists.

“There’s been a lot of interest in buying rental property recently so we thought it would be a good time to sell,” Kopischke said. “We made a decision to list the properties, and we chose RE/MAX/Vonnie Cone of Fairmont as the agent.”

He added that True Real Estate of Mankato also had made a presentation to the HRA as a potential real estate agent for the properties.

RE/MAX is drawing up a listing agreement with a possible price range that should be available next week.

Kopischke said the funds from the sale could be used for other housing projects, possibly market-rate units, senior housing or subsidized units. He noted there is no specific target at present.