CSR - Centerspace acquired Union Pointe Apartment Homes for $76.9M and raised debt capital

Centerspace (CSR) has acquired Union Pointe Apartment Homes in Longmont, Colorado, for $76.9M. As of January 5, 2021, Union Pointe was 94% occupied with average rents of $1,582 per month. The company also issued $50M of 2.7% unsecured Series C Notes due June 6, 2030, with Prudential Private Capital.Proceeds will be used to fund the acquisition of Union Pointe and for other corporate purposes. "Acquiring Union Pointe and expanding our partnership with Prudential is an outstanding way to start the year," said Mark O. Decker, Jr., Centerspace's President and CEO. "We were able to add a brand new community that is well located in a growing submarket to further enhance our portfolio quality. Accessing the private placement market once again with Prudential allows us to continue to build flexibility and durability into our balance sheet."

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Centerspace acquired Union Pointe Apartment Homes for $76.9M and raised debt capital