Centerspace has acquired a portfolio of 17 multifamily communities for the aggregate purchase price of $323.8 million. The seller was KMS Management.
The portfolio of 17 real estate assets is comprised of 14 communities in Minneapolis and three communities in St. Cloud, Minn. The acquisition will add 2,696 apartment homes to the Centerspace portfolio, further strengthening the company’s footprint in markets where the company has historically strong operations.
“This fully-funded acquisition fits seamlessly into our investment thesis,” said Mark O. Decker Jr., president and CEO. “Adding KMS’ communities, team and investors to our company will double our presence in our core market of Minneapolis, increase the scale of our operations and provide numerous opportunities to improve our business. We are thankful to the KMS team and investors and all of their work on this transaction and for their faith in Centerspace as they join our platform.”
Centerspa
