North Dakota REIT buys Lake Vista Apartments in Centerra

LOVELAND — Centerspace LP (NYSE: CSR) has purchased Lake Vista Apartment Homes, a 303-home apartment community in Centerra.

Centerspace, which had been headquartered in Minot, North Dakota, said in a press statement that the transaction marks the company’s move into the Colorado market and an exit from Minot, although the Colorado Secretary of State and the U.S. Securities and Exchange Commission both list Minot as the company’s headquarters.

Centerspace is a real estate investment trust company, or REIT.

The Lake Vista purchase, which closed Wednesday, was listed by the buyer as a $94.5 million investment, which included the assumption of $52.7 million of mortgage debt at a rate of 3.45%. The mortgage has an interest-only payment plan through June 2024 with a maturity date of June 2026.

The community includes 303 homes on 16 acres and is near the UCHealth Medical Center of the Rockies. When built in 2010, it was described as a $45 million project.

The transaction has yet to be recorded with Larimer County. County records show that the facility was owned by BREIT MF Lake Vista LLC, which lists a Chicago address.

While Centerspace is new to Larimer County, it does have a Mountain West platform. It sold four apartment communities and commercial space in Minot for an aggregate price of $82.5 million, the company said in a press statement; it used the proceeds from that sale to buy the Lake Vista property.

“These transactions continue the company’s strategy of enhancing our portfolio quality and market exposure while maintaining balance sheet strength,” Anne Olson, president and CEO of Centerspace, said in a written statement.

Centerspace owns 72 apartment complexes in Colorado, Minnesota, Montana, Nebraska, North Dakota and South Dakota.

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