Gindi Equities, a New York City-based investment manager focused on multifamily assets, announced the acquisition of Timber Creek Apartment Homes, a multifamily community in Fargo, North Dakota.
The 252-unit property was acquired from Property Resources Group, which will continue to manage and service the asset. Gindi plans to implement interior upgrades including the installation of new features and fixtures to apartment kitchens and bathrooms, while common areas and grounds will also be renovated and new exterior amenities will be added.
The financial terms of the deal were not disclosed. The purchase marks Gindi’s second acquisition in the Fargo market – in June, acquired it Osgood Townsite Apartments community in Fargo, North Dakota, from Property Resources Group.
“Timber Creek presents a prime opportunity to make strategic improvements that will add value and enhance the experience for all residents,” said Al Gindi, president and co-founder of Gindi Equities. “This acquisition marks an important step in our continued growth strategy and reflects our commitment to expanding our portfolio in the thriving Fargo market.”
