MINNEAPOLIS, Jan. 27, 2022
/PRNewswire/ -- Centerspace (NYSE: CSR) announced today that
is has acquired Noko Apartments in Minneapolis, Minnesota for an aggregate
purchase price of $46.4 million.
Centerspace previously financed Noko through its preferred
financing program with $29.9 million
of a construction loan bearing interest at 4.5% and $13.5 million of a mezzanine loan bearing
interest at 11.5%. Constructed in 2021, Noko is a 130-home
mixed-use community located adjacent to Lake Nokomis in the
Southwest submarket and features walkability and connectivity to
retailers and the lakes recreational areas. In addition to the
homes, Noko sits atop a new Lunds & Byerlys grocery store.
"Noko is a great place to live, enabling us to meet our goal of
delivering a great resident experience. It also fits our investment
thesis of enhancing our portfolio quality while growing
distributable cash flow and core FFO. We were pleased to partner
with Trammell Crow Company on the development of this community and
are happy to add Noko to our portfolio," said Mark O. Decker Jr., 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 84
apartment communities consisting of 14,848 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
Centerspace was named a Top Workplace for 2021 by the
Minneapolis Star Tribune. For more information, please visit
www.centerspacehomes.com.
If you would like more information about this topic, please
contact Emily Miller, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
Contact Information
Emily
Miller, Investor Relations
Phone : (701) 837-7104
E-mail : IR@centerspacehomes.com
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SOURCE Centerspace