Centerspace (NYSE: CSR) has announced the completion of the sale of five communities, comprising 832 homes in the St. Cloud, MN market, for a total sale price of $124.0 million. This transaction marks the company's exit from the St. Cloud market and is part of its larger portfolio repositioning. Proceeds from the sale will be used to decrease leverage and for general corporate purposes.
Anne Olson, Centerspace CEO, stated that the recent acquisitions in Salt Lake City and Fort Collins, combined with this transaction, improve the quality and diversification of the company's communities. The company's planned disposition of seven communities in Minneapolis remains on track, with an expected closing in Q4 2025.
The company's goal is to create value for its shareholders and better recognize the value of Centerspace. As part of this, management and the board will be considering various options for capital allocation, which may include accelerated deleveraging, value-add investments within the current portfolio, share buybacks, and dividends to investors, among other things.
CBRE acted as the broker for the St. Cloud portfolio sale. This move comes as Centerspace continues to focus on its commitment to providing great homes by focusing on integrity and serving others. The company owns 68 apartment communities consisting of 12,941 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, South Dakota, and Utah. Centerspace was also recognized as a top workplace for the sixth consecutive year in 2025 by the Minneapolis Star Tribune. As a result of these announcements, the company's shares have moved 0.27% on the market, and are now trading at a price of $58.64. Check out the company's full 8-K submission here.
