MINNEAPOLIS — San Francisco-based FPA Multifamily has purchased a 679-unit portfolio consisting of seven properties throughout the Twin Cities metro from Centerspace (NYSE: CSR), a Minot, North Dakota-based REIT. The Minneapolis/St. Paul Business Journal reports the portfolio traded for $76 million. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented Centerspace in the transaction.
Properties in the portfolio range from historic redevelopments in the North Loop area to contemporary, boutique-style assets in the Edina and South Minneapolis submarkets. Several properties have undergone renovations. All seven properties are equipped with SmartRent technology, ButterflyMX Systems for secure entry, Luxer One package lockers and Yale smart locks.
The properties included in the portfolio are Freightyard Townhomes & Flats (96 units) in Minneapolis; Venue on Knox (97 units) in Minneapolis; Woodhaven (176 units) in Minneapolis; New Hope Garden & Village (150 units) in New Hope, Minnesota; Grove Ridge (84 units) in Cottage Grove, Minnesota; Elements of Linden Hills (31 units) in Minneapolis; and Zest (45 units) in Minneapolis.