Centerspace announced that is has acquired Noko Apartments in Minneapolis, Minnesota for an aggregate purchase price of $46.4 million. Centerspace previously financed Noko through its preferred financing program with $29.9 million of a construction loan bearing interest at 4.5% and $13.5 million of a mezzanine loan bearing interest at 11.5%. Constructed in 2021, Noko is a 130-home mixed-use community located adjacent to Lake Nokomis in the Southwest submarket and features walkability and connectivity to retailers and the lakes recreational areas.

In addition to the homes, Noko sits atop a new Lunds & Byerlys grocery store.