Gindi Equities, a New York City-based investment manager that targets multifamily assets, has acquired Osgood Townsite Apartments community in Fargo, North Dakota, from Property Resources Group.
The financial terms of the deal were not disclosed. The purchase marks Gindi’s entry into the Fargo market, and the company plans a renovation program to modernize and enhance the Class-B property with redesigned kitchens and bathrooms, along with upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs.
Property Resources Group will continue to manage and service the 243-unit community, which was built in 2004.
“Our strategic renovations will drive value and make Osgood one of the most sought-after housing options in the Fargo metro area,” said Al Gindi, president and co-founder of Gindi Equities. “Governor Burgum’s policies have made North Dakota a very attractive market to invest in. While this is our first acquisition in Fargo, we plan to continue to expand our holdings in this thriving market as we build a diversified portfolio across the country.”