Updated Sep 25, 2025
Anne M. Olson Of Centerspace Acquires Five Multifamily Properties In St. Cloud For $124M
1615 15th Avenue Southeast, 1211 7th Avenue South, 906 Cypress Road, 4005 24th Street South & 690 Prosper Drive
$124,000,000
Units
832
Asset Type
MultiFamily
Closing
Sep 24, 2025
About this deal
AI
Five multifamily properties located at 1615 15th Avenue Southeast, 1211 7th Avenue South, 906 Cypress Road, 4005 24th Street South, and 690 Prosper Drive were sold. The sale price amounted to $124,000,000, encompassing a total of 832 units across these St. Cloud, Sartell, and Waite Park assets, achieving a price per unit of $149,038.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $124,000,000
- Units: 832
- Price Per Unit: $149,038
- Buyer: Anne M. Olson - Centerspace
- Broker: CBRE
- Market: St. Cloud Sartell & Waite Park
Centerspace's divestment illustrates its strategic move to exit the Twin Cities submarket while focusing on Midwest and Mountain West markets. Additionally, the REIT plans to dispose of seven more assets located in Minneapolis within the current year.
Players
Saint Cloud MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93