Centerspace Sells 2 Twin Cities Communities
The assets previously traded in 2021, in a 17-property portfolio deal.
Centerspace has sold two Minnesota multifamily properties to two private investors: the 69-unit Southdale Parc Apartments in Richfield and the 136-unit Wingate Apartments in New Hope. JLL negotiated on behalf of the seller.
The assets previously traded in 2021, when Centerspace acquired a 17-property portfolio for $323.8 million from KMS Management. At the time, the company planned to invest approximately $40 million in repositioning the communities located throughout Minneapolis and St. Cloud, Minn.
Two value-add properties
The 1962-completed Southdale Parc Apartments consists of three residential buildings with one-bedroom floorplans ranging between 550 and 600 square feet. Common-area amenities include laundry facilities, on-site parking and greenspaces.
Located on approximately 2 acres at 2720 W. 66th St., the community is within walking distance of numerous dining and retail options, including the Southdale Square and Southdale Center shopping malls. Minneapolis–Saint Paul International Airport is some 10 miles east.
Completed in 1967, Wingate Apartments features four three-story buildings with one- and two-bedroom layouts from 700 to 956 square feet. Community amenities comprise a swimming pool with patio, basketball court, playground and clubroom, along with four laundry facilities.
The nearly 8-acre property is at 7700 49th Ave. N., roughly 2 miles from the Crystal Gallery retail center and less than 3 miles from Crystal Airport. Wingate Apartments is also some 15 miles northwest from Southdale Parc Apartments.
Recent multifamily deals in the Twin Cities
The JLL Capital Markets team that arranged the deal included Managing Directors Dan Linnell, Mox Gunderson and Josh Talberg, alongside Senior Director Adam Haydon and Director Devon Dvorak. Last month, the same brokers worked on behalf of Greystar in the sale of a 164-unit asset in St. Louis Park, Minn.
Also in January, Bigos Management acquired a 217-unit partially affordable community from PLACE E-Generation One. The property was rebranded as Zelia on Seven.
The Twin Cities market is already off to a better start than it was last year, with six communities—totaling more than 1,050 units—changing hands for $203.4 million in January and February, Yardi Matrix information shows. During the same period of 2023, only three assets—some 230 apartments—traded for $17.7 million.
