Chicago & Midwest + Midwest + Apartments | March 20, 2023

Centerspace Trades Nine Apartment Properties in MN, NE for $144M

Minneapolis-based Centerspace has sold nine communities located in Minnesota and Nebraska for an aggregate sales price of $144.3 million. The sale included four communities in the St. Cloud market comprising 692 homes, two communities in the Omaha-Lincoln market comprising 498 homes, and three communities in the Twin Cities comprising 377 homes.

Proceeds from the sale will be used to pay down outstanding debt, thus reducing leverage and increasing the weighted average maturity of Centerspace’s debt obligations.

CBRE served as the broker for all Minnesota communities, while MMG Real Estate Advisors brokered the communities in Nebraska.

“This is another step in our strategy to boost the quality of our homes, earnings power of the company, and flexibility of our balance sheet,” said Mark Decker, Centerspace president and CEO. “The continued demand for affordable housing options in our markets made this an attractive time to sell these communities and improve our Company.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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