“Our approach is rooted in identifying markets with significant potential that are often overlooked by institutional capital,” Al Gindi, Gindi Equities president & co-founder, told Multi-Housing News. “The acquisition, our second in Fargo, underscores our focus on dynamic, high-growth environments that offer both opportunity and long-term sustainability.”
The property, located at 4720 Timber Parkway South, was 98 percent occupied at the time of sale, Yardi Matrix data shows. One-, two- and three-bedroom apartments are offered. Features and finishes of the community include in-unit washers/dryers, vaulted ceilings, high ceiling heights, microwave ovens and high-speed Internet access.
Common-area amenities include a beach volleyball court, pergola grilling area and a playground. A value-add program featuring interior upgrades and improvements to exterior amenities is set to be implemented. The improvements will include the installation of new fixtures and features to the kitchens and bathrooms and renovations to common areas and grounds.
Timber Creek Apartment Homes is proximate to Interstate 29 and nearby dining, retail venues, recreation and schools. The Fargo metropolitan area is a growing center for the technology, healthcare and agriculture sectors. The area features a high-earning population and a business-friendly economic environment.
Several months ago, Gindi acquired Osgood Townsite Apartments, its first Fargo purchase. The 243-unit community, located at 4901 44th Ave. SW, is roughly 3 miles west of Interstate 29 and some 4 miles south of I-94. It includes an on-site playground and proximity to a nine-hole golf course.
“While entering new markets always presents challenges, Fargo has proven to be both vibrant and welcoming,” Gindi said. “We look forward to continuing to build on this momentum in Fargo and other markets that align with our vision.”
