MINNEAPOLIS, Oct. 11, 2023 /PRNewswire/ -- Centerspace
(NYSE: CSR) announced today that it has recently closed on a series
of transactions marking the company's entry into the Fort Collins, CO, MSA and exit from the
Minot, ND, MSA.
In the Fort Collins market,
Centerspace has closed on the acquisition of Lake Vista Apartment
Homes in Loveland, CO, for an
aggregate investment of $94.5
million. The acquisition includes the assumption of
$52.7 million of mortgage debt at a
rate of 3.45%. The mortgage features interest-only payments through
June 2024 and a maturity in
June 2026. The community was built in
2011 and includes 303 homes on 16 acres. It is adjacent to the
UCHealth Medical Center of the Rockies and is part of the Centerra
master-planned community featuring immediate access to grocers,
retail, restaurants, and employers.
The Fort Collins MSA is a new market for Centerspace and an
extension of the company's existing Mountain West platform. It
features a diverse economic base, including healthcare, high-tech
manufacturing, education, and oil and gas companies; a vibrant
culture; and plentiful outdoor amenities, including serving as
a gateway to Rocky Mountain National
Park.
Centerspace has also closed on the sale of four apartment
communities and associated commercial space in Minot, North Dakota for an aggregate price of
$82.5 million. This marks the
company's exit from the Minot
market. Proceeds from the disposition were used to fund the
Lake Vista acquisition and for general corporate purposes.
"These transactions continue the company's strategy of enhancing
our portfolio quality and market exposure while maintaining balance
sheet strength. We are excited to enter Fort Collins and are optimistic about the
long-term prospects of that market," said Anne Olson, President and CEO of
Centerspace.
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 72
apartment communities consisting of 13,088 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
In 2022, Centerspace was named the National Apartment Association's
Leading Organization in Diversity, Equity, and Inclusion. For more
information, please visit www.centerspacehomes.com.
If you would like more information about this topic, please
contact Josh Klaetsch, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
Contact Information
Josh Klaetsch, Investor Relations
Phone : (701) 837-7104
E-mail : IR@centerspacehomes.com
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SOURCE Centerspace