Centerspace (CSR) announces $324 million portfolio acquisition.

Centerspace (CSR) announced today that it has agreed to acquire a 17-property multifamily portfolio for a total purchase price of $324 million, including $127 million of assumed mortgage debt.  CSR also said that intends to finance the remaining purchase price through the issuance, to the sellers, of $197 million convertible preferred operating partnership units.  The transaction is expected to close in the third quarter of 2021 subject to customary approvals.

The acquisition properties are located in the Minneapolis/St. Cloud region of Minnesota and will expand CSR's total portfolio in the region to 6,425 apartment homes.  According to CEO Mark Decker Jr., "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."

CSR is a small-cap equity REIT focusing on the ownership of multifamily properties in the upper Midwest.  The company currently owns 62 apartment communities with 11,579 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota.