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Centerspace to Acquire Seventeen Property Multifamily Portfolio Totaling 2,696-Units for $324 Million in Strategic Minnesota Markets

MINNEAPOLIS, MN - Centerspace (NYSE: CSR) has entered into Contribution Agreements with entities managed by KMS Management, Inc. (KMS), to acquire a portfolio of 17 communities for the aggregate purchase price of $323.8 million. The portfolio of 19 real estate assets is comprised of 14 communities in Minneapolis, Minnesota and three communities in St. Cloud, Minnesota. The acquisition will add 2,696 apartment homes to the Centerspace portfolio, further strengthening the Company s footprint in. ....

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Centerspace To Acquire $324 Million Strategic Minnesota Portfolio

Centerspace To Acquire $324 Million Strategic Minnesota Portfolio
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MINNEAPOLIS, June 3, 2021 /PRNewswire/ Centerspace (NYSE: CSR) has entered into Contribution Agreements with entities managed by KMS Management, Inc. ( KMS ), to acquire a portfolio of 17 communities for the aggregate purchase price of $323.8 million. The portfolio of 19 real estate assets is compriseed of 14 communities in Minneapolis, Minnesota and three communities in St. Cloud, Minnesota. 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.
The Company will fully fund the transaction through the issuance of up to $197.3 million Convertible Preferred Operating Partnership units that pay a preferred 3.875% dividend and are convertible into common units at an exchange rate of 1.2048 common units per Conv ....

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