Gindi Equities has acquired Osgood Townsite Apartments, a 243-unit community in Fargo, N.D., making its debut in the local market. Property Resources Group sold the asset, but will remain in charge of management. The buyer plans to revamp the property.
Gindi Equities Co-Founder & President Al Gindi commented in prepared remarks that Governor Burgum’s policies have made North Dakota an attractive investment market.
One such policy involved the elimination of the state individual income tax for three out of five North Dakota taxpayers—a measure taken to address the workforce shortage by attracting skilled labor in the state with the nation’s third-lowest unemployment rate.
Furthermore, the Housing Finance Agency disburses from the Housing Incentive Fund, a special revolving fund at the Bank of North Dakota, intending to fund new construction, as well as the rehabilitation, preservation or acquisition of multifamily projects. Over the past decade ending in 2023, the finance agency had issued more than $3 billion in bonds.
Osgood Townsite Apartments’ planned renovation efforts include upgrades to building exteriors and grounds, as well as refurbishing the units’ kitchens and bathrooms. Moreover, Gindi will introduce sustainable elements and energy savings fixtures meant to boost efficiency and decrease utility costs.
Consisting of nine buildings across nearly 14 acres, the 2004-built community encompasses one- to three-bedroom floorplans ranging between 720 and 1,176 square feet. Select units feature walk-in closets and vaulted ceilings, while community amenities include an on-site playground and proximity to a nine-hole golf course.
Located at 4901 44th Ave. SW, Osgood Townsite Apartments is roughly 3 miles west of Interstate 29 and some 4 miles south of Interstate 94. A variety of quick-service restaurants and retail options are within walking distance. Employers such as Microsoft, Aldevron and Sanford are within a 3-mile radius of the property.
