North Dakota BTR Portfolio Deal Breaks Record
More than 600 units were acquired by an entity affiliated with Christianson Cos.
An entity affiliated with Christianson Cos. has acquired a 601-unit single-family rental portfolio from Meridian Mortgage. The build-to-rent homes are spread across the Fargo, N.D., metro area. Cushman & Wakefield, alongside Jennifer Stein Real Estate Inc., represented the seller.
Although the acquisition price was undisclosed, it took the crown for the highest-valued multifamily sale in North Dakota’s history, according to multiple sources, including Cushman & Wakefield. The purchase price also ranks among the highest for any commercial real estate asset sold in the state.
The rental homes’ floorplans include three- and five-bedroom layouts. The units have an average vintage of 7.2 years and were renting below the market at closing, Cushman & Wakefield Senior Director Kevin Phelan said in prepared remarks.
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Located throughout Fargo and West Fargo, N.D., as well as Moorhead, Minn., the properties are near employers such as North Dakota State University and Sanford Health. West Fargo has witnessed a population increase of 73 percent in recent years and the entire metro is poised to follow suit across the next few decades, according to the brokerage firm’s research.
Cushman & Wakefield Executive Director Pat Knowlton and Senior Director Jeff Dimmen together with Phelan, as well as Jennifer Stein Real Estate Inc., represented Meridian Mortgage in the transaction proceedings.
Capital and demand flows for single-family rental assets
Home values surged 43 percent during the past 10 years in the market, according to Fargo-Moorhead Area Association of Realtors. As BTR properties provide flexibility for renters that seek the lifestyle of a home but aren’t ready to commit yet, demand remains strong in the Midwest and Mountain West regions, painting a bright SFR outlook, Phelan added.
Signaling a good start for the sector this year, Blackstone and Artemis Real Estate Partners joined NexMetro Communities to recapitalize an SFR portfolio valued at $300 million. The homes are in Phoenix and metro Denver.
