MINNEAPOLIS, March 16,
2023 /PRNewswire/ -- 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.
Contact Information
Joe
McComish, Investor Relations
Phone: (701) 837-7104
E-mail: IR@centerspacehomes.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/centerspace-announces-sale-of-nine-communities-in-minnesota-and-nebraska-301773654.html
SOURCE Centerspace