MINNEAPOLIS, Jan. 6, 2021 /PRNewswire/ -- Centerspace
(NYSE: CSR) announced today that it has acquired Union Pointe
Apartment Homes in Longmont,
Colorado, for an aggregate purchase price of $76.9 million. Constructed in 2019, Union Pointe
consists of 256 homes on 13 acres in the rapidly growing city of
Longmont with convenient access to
Boulder and Denver. As of January
5, 2021, Union Pointe was 94% occupied with average rents of
$1,582 per month.
Centerspace also issued $50
million of 2.7% unsecured Series C Notes due June 6, 2030, with Prudential Private Capital. In
concert with the issuance, Centerspace amended and expanded its
Note Purchase Private Shelf Agreement (the "Agreement") with
Prudential to increase the aggregate amount available under the
Agreement from $150 million to
$225 million. Proceeds from the
Series C Notes were used to fund the acquisition of Union Pointe
and for other corporate purposes. After the close of the Series C
Notes, Centerspace has $175 million
outstanding with an additional $50
million of capacity remaining under the Agreement.
"Acquiring Union Pointe and expanding our partnership with
Prudential is an outstanding way to start the year," said
Mark O. Decker, Jr., Centerspace's
President and CEO. "We were able to add a brand new community that
is well located in a growing submarket to further enhance our
portfolio quality. Accessing the private placement market once
again with Prudential allows us to continue to build flexibility
and durability into our balance sheet."
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 now owns 68 apartment
communities consisting of 12,166 homes located in Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
Centerspace was named a Top Workplace for 2020 by the
Minneapolis Star Tribune. For more information, please visit
www.centerspacehomes.com.
If you would like more information about this topic, please
contact Emily Miller, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
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SOURCE Centerspace