Centerspace(US:CSR) Prnewswireยท2024-10-02 20:30Group 1 - Centerspace announced the acquisition of The Lydian in Denver, CO, for a total consideration of $54 million [1] - The Lydian is a 129-home apartment community with 23,000 square feet of fully leased office and retail space, constructed in 2018 [3] - Centerspace has entered the Denver market in 2017 and now operates 2,536 homes across nine communities in the Denver and Fort Collins regions [3] Group 2 - The acquisition was financed through the assumption of $35 million in mortgage debt, issuance of $14.5 million in common operating partnership units, and cash [4] - The assumed mortgage debt has an interest rate of 3.72%, is interest-only until January 2032, and matures in February 2037 [4] - Centerspace completed the redemption of all outstanding 6.625% Series C Cumulative Redeemable Preferred Shares on September 30, 2024, and raised approximately $113.73 million through its ATM program [2] Group 3 - Centerspace's President and CEO, Anne Olson, expressed excitement about adding The Lydian to the portfolio, emphasizing the strategic financing and value addition for shareholders [5] - The company currently owns 71 apartment communities with a total of 13,012 homes across several states, including Colorado, Minnesota, and Montana [5]