HUSREF Purchases 5 Central in Off-Market Deal
This is HUSREF’s second transaction in the Minneapolis market this year.
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MINNEAPOLIS–5 Central, a 140-unit Class A multifamily property located in the Minneapolis suburb of Osseo, recently sold to Harbert United States Real Estate Fund VI, L.P. The sale was an off-market transaction. Developed in 2015, the property was 97% occupied at closing.
After forming a joint venture with Chicago based Magellan Investment Partners to purchase the property, the new owners plan on upgrading the lighting, unit interiors, common areas, the clubhouse and outdoor courtyard. Pinnacle will manage the property and the 5 Central name will be maintained.
This is HUSREF’s second joint venture with Magellan Investment Properties and their second investment in the Minneapolis-Saint Paul market within the last year.
HUSREF is an investment fund sponsored by Harbert Management Corporation which is now closed to new investors.
Magellan Investment Partners is the acquisition platform of Magellan Development Group. The principals of MIP are David Levin and Marc Swerdlow. MIP’s portfolio consists of over 2,500 units totaling $390 million in acquisitions.