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Centerspace Doubles Minneapolis Holdings with $324M Deal
Centerspace has closed on its strategic portfolio acquisition in Minneapolis and St. Cloud, MN for an aggregate purchase price of $323.8 million. The portfolio is comprised of 14 communities in Minneapolis and three in St. Cloud, and will add 2,696 apartment homes to the company’s holdings.
The acquisition includes $126.5 million in mortgage liabilities, of which Centerspace assumed $20 million and refinanced the remainder through a $198.9-million Fannie Mae Credit Facility. The company plans to invest approximately $40 million to reposition the communities over the next 24-36 months.
“This acquisition allows us to double our footprint in Minneapolis, a market where we have seen consistently strong performance, while increasing our scale of operations,” said Mark O. Decker Jr., president and CEO. “We are thankful to all the team members who have gotten us to closing and we are excited to welcome these communities and team members to our platform.”
- ◦Sale/Acquisition
