News

Minneapolis, MN, October 16, 2018 – Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”) has purchased 5 Central, a 140-unit Class A multifamily asset located in the Minneapolis suburb of Osseo. Developed in 2015, the property was 97% occupied at closing. The sale was an off-market transaction.

HUSREF VI formed a joint venture with Chicago based Magellan Investment Partners to purchase the property. New ownership will implement a light renovation program to upgrade unit interiors and common areas, including a clubhouse and outdoor courtyard refresh, and the addition of package lockers. The property will be managed by Pinnacle and maintain the 5 Central name.

Located in one of the most desirable communities in the State of Minnesota, 5 Central is located at the center of downtown Osseo and 15 miles northwest of the Minneapolis central business district. The property benefits from its location within an educated community near large corporate employers and an excellent public school system. Located near the confluence of I-494 and I-94, 5 Central enjoys mobility across the entirety of the Minneapolis-Saint Paul metro.

“We are very pleased to announce our second joint venture with Magellan Investment Properties and the successful closing of 5 Central,” HUSREF Managing Director Adam Krug said. “As HUSREF’s second investment in the Minneapolis-Saint Paul market in the last year, we recognize the robust economic growth and deep talent pool that characterizes this market. 5 Central presents an exceptional opportunity to partner with a proven team to create value through hands on asset management and light capital infusion.”

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