MINNEAPOLIS, Oct. 16, 2018 (GLOBE NEWSWIRE) -- 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.”
About Magellan Investment Partners
Magellan Investment Partners (“MIP”) is the acquisition platform of Magellan Development Group. The principals of MIP are David Levin and Marc Swerdlow, multifamily industry veterans with each having over 25 years of commercial real estate investment experience. MIP’s portfolio consists of over 2,500 units totaling $390 million in acquisitions. MIP also has the benefit of the entire Magellan Development Group, a vertically integrated development firm. Magellan Development Group has developed 28 high-rise projects comprised of 9,611 residential units.
About Harbert United States Real Estate Fund VI, L.P.
Harbert United States Real Estate Fund VI, L.P. is an investment fund sponsored by Harbert Management Corporation (“HMC”) which closed to new investors in October, 2017. HMC, as a whole, has approximately $5.9 billion in regulatory assets under management as of September 30, 2018, allocated across a series of diverse and independent investment strategies. One of these investment strategies, United States Real Estate, has offices in Dallas, TX, San Francisco, CA, and Birmingham, AL (Headquarters). The group has extensive investment experience in the Southeast, Southwest, and Mid-Atlantic and is currently investing its sixth investment opportunity fund in the past 20 years.
HMC Investor Relations
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