CENTERSPACE : ANNOUNCES SALE OF NINE COMMUNITIES IN MINNESOTA AND NEBRASKA - Form 8-K
March 16, 2023 at 09:05 am EDT
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CENTERSPACE ANNOUNCES SALE OF NINE
COMMUNITIES IN MINNESOTA AND NEBRASKA
MINNEAPOLIS, MN, March 16, 2023 - Centerspace announced the sale of 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 Minneapolis-St. Paul market 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 the Company'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."
About Centerspace
Centerspace is an owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others. Founded in 1970, the company currently owns 75 apartment communities consisting of 13,498 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was named a Top Workplace for 2022 by the Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.
Centerspace published this content on 16 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 March 2023 13:04:26 UTC.
Centerspace is a real estate investment trust. The Company is focused on the ownership, management, acquisition, development, and redevelopment of apartment communities. The Company owns approximately 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. The Company conducts its daily business operations primarily through its operating partnership, Centerspace, LP (the Operating Partnership). The Companyâs portfolio of apartment communities includes 71 France, Alps Park Apartments, Arcata Apartments, Ashland Apartment Homes, Avalon Cove Townhomes, Burgundy & Hillsboro, Canyon Lake Apartments, Castlerock Apartment Homes, Cottonwood Apartment Homes, Country Meadows Apartment Homes, Deer Ridge Apartment Homes, Grand Gateway Apartment Homes, Homestead Garden Apartments, Silver Springs Apartment Homes, and Rimrock West Apartments, among others.