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MINNEAPOLIS — Chicago's GEM Capital has acquired University Technology Enterprise Center, a 180,000-square-foot business incubation center for the University of Minnesota campus, for $12.9 million. The asset will be converted into a 336-unit student housing facility, which will include 40,000 square feet of first-floor retail. Planned amenities include an open plaza area, a 20,000-square-foot courtyard and a green roof. Peter Katz of Institutional Property Advisors and Michael Ahles of Marcus & Millichap represented the seller, Dave Jasper, in the transaction. They also represented the buyer.