Centerspace Sells Minnesota Portfolio for $124M
This transaction marks the company's exit from the St. Cloud, Minn., market.
Centerspace has sold five assets comprising 832 units in St. Cloud, Minn., for $124 million, marking the company’s exit from this Twin Cities submarket. CBRE arranged the sale.
The traded properties include:
- Regency Park Estates, 147 units, 1615 15th Ave. SE, St. Cloud
- The Points at Heritage Place, 58 units, 1211 Seventh Ave. S., Sartell, Minn.
- Cypress Court, 196 units, 906 Cypress Road, St. Cloud
- Grand Gateway Apartments, 116 units, 4005 24th St. S., St. Cloud
- Prosper West, 313 units, 690 Prosper Drive, Waite Park, Minn.
Floorplans across the collection feature studio and one- to three-bedroom layouts, averaging 1,005 square feet. Completion years go as far back as 1991 for Prosper West and as recent as 2013 for Cypress Court.
Centerspace’s strategy shift
As of 2025, Centerspace owned 68 communities comprising 12,941 units throughout Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota and Utah.
The current disposition advances the REIT’s strategy to shift its focus to the Midwest and Mountain West markets. Additionally, the company also seeks to sell seven other assets in Minneapolis by year’s end.
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In fact, Centerspace has been selling its Minnesota communities over the past couple of years. In 2023, it sold a nine-asset collection for $144.3 million. Seven of the properties were in Twin Cities, St. Cloud and Waite Park.
Some of those assets were previously part of a 17-property portfolio that Centerspace acquired in 2021 for $323.8 million. At the time, the firm planned a 24-36 month hold period during which it would implement several repositioning strategies.
Twin Cities multifamily investment heats up
The multifamily transaction volume across the Twin Cities clocked in at more than $1 billion during the first eight months of 2025, according to Yardi Matrix data. The figure was up 13.1 percent year-over-year.
More than 5,600 units changed hands year-to-date through August, for an average price per unit of $199,567, the same data provider shows. This price tag also went up from 2024, although just by 8.8 percent.
In one of the metro’s last month deals, Dakota REIT paid $66 million for a 304-unit collection of three communities. Partner Apartments sold the assets.
