FPA Multifamily Acquires Multifamily Portfolio In Minneapolis From Centerspace For $76.6M

The asset involved in this transaction is a multifamily portfolio located in Minneapolis, MN, comprising a total of 564 units. The sale price of the portfolio amounted to $76,600,000, translating to approximately $135,816 per unit.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $76,600,000
• Units: 564
• PPU: $135,816
• Buyer: FPA Multifamily
• Seller: Centerspace
• Market: Minneapolis, MN

This transaction involved Centerspace selling six multifamily properties to a subsidiary of FPA Multifamily. This sale follows Centerspace's recent $124 million disposition of a St. Cloud portfolio, which is part of its strategy to optimize portfolio quality and capital allocation.