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Centerspace sells nine apartment communities in Minnesota and Nebraska
Centerspace has announced the sale of nine apartment communities located in Minnesota and Nebraska for an aggregate sales price of $144.3 million. The sale included four communities in St. Cloud, Minn., comprising 692 units, two communities in the Omaha-Lincoln market comprising 498 units, and three communities in the Minneapolis-St. Paul market comprising 377 units.
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, president and CEO at Centerspace. "The continued demand for affordable housing options in our markets made this an attractive time to sell these c