RAMSEY AND ZIMMERMAN, MINN. — Colliers has brokered the $66 million sale of the Northwest Apartment Collection, a three-property, 304-unit multifamily portfolio in metro Minneapolis. The properties include Park View East and Sapphire in Ramsey as well as Depot on Main in Zimmerman. Built between 2017 and 2020, the communities offer a mix of one-, two- and three-bedroom units. Amenities include fitness centers, lounges, package lockers and pools. Park View East and Sapphire together comprise 239 units within COR, a 320-acre master-planned community anchored by the NorthStar Commuter Rail with direct access to downtown Minneapolis. Depot on Main includes 65 units. Mox Gunderson, Dan Linell, Adam Haydon and Devon Dvorak of Colliers brokered the sale. Dakota REIT was the buyer.
ROCHESTER, MINN. — Kraus-Anderson has broken ground on the $39 million Graham Park Exhibition Center in Rochester. The multipurpose facility will serve as a year-round hub for sports events, concerts, livestock and horse shows, trade shows and cultural celebrations in southeast Minnesota. Designed by LHB Architecture and CRW Architecture + Design Group, the 80,000-square-foot property will feature a 49,000-square-foot main area with retractable seating for up to 1,500 people, a 16,500-square-foot warm-up arena for pre-event activities and an outdoor activity pad for flexible outdoor events. The project will also include space for 250 portable stalls and accommodations for visitors, exhibitor and animals. Completion is slated for early 2027.
WAITE PARK, MINN. — JLL Capital Markets has brokered the sale of Park Villas Apartments, a 95-unit community situated on 7 acres in Waite Park, a city in central Minnesota. The property features 71 one-story, cottage-style units and 24 two-story townhomes for residents age 55 and older. The community was built in 1991 and renovated in 2008. Units average 931 square feet. Josh Talberg, Joseph Peris, Ken Dayton, Pat McMullen and Jack Graveline of JLL represented the seller, Podawiltz Development Corp., and procured the buyers, Noel Johnson and Jamison Kohout of Venture Development Group.
EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $55.6 million for The Fox and The Grouse Phase II, a 188-unit apartment development in the Golden Triangle neighborhood of Eden Prairie. Josh Talberg, Scott Loving, Joe Peris, Matthew Schoenfeldt, Colin Ryan and Will Hintz of JLL represented the borrowers, Greco and Eagle Ridge Partners. JLL arranged a $39.1 million three-year, floating-rate loan through MidWestOne Bank and sourced $16.5 million in joint venture equity from Amstar Group. Construction is scheduled to begin immediately. The six-story development will offer a mix of studios, one-, two- and three-bedroom units, with 25 percent of the homes designated as affordable at 50 to 80 percent of the area median income. The project features 167,312 square feet of rentable space and 263 parking stalls. Amenities will include an outdoor pool, golf simulator, wellness center, work-from-home spaces, a theater room, clubroom, private dining area and underground parking. There are more than 9 acres of wetlands. Designed by BKV Group, the project represents the second phase of a transit-oriented development that will be directly connected to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, scheduled to …
ST. LOUIS PARK, MINN. — KPR Centers, a New York-based retail real estate development and investment group, has acquired Shoppes at Knollwood, a 451,700-square-foot grocery-anchored shopping center in the Minneapolis suburb of St. Louis Park. The property is nearly 99 percent leased and anchored by Cub Foods, DSW, HomeGoods, Nordstrom Rack, Old Navy, Total Wine & More, TJ Maxx and Ulta Beauty. Christian Williams, Richard Frolik and Michael Wilson of CBRE represented the seller. Delivered in 1955 as Knollwood Mall, the asset has undergone several renovations over the decades, including its transformation into an enclosed mall in 1980. The center reverted to its open-air design in 2015 through a $30 million investment. KPR now owns and self-manages approximately 10 million square feet of retail space in 20 states. This purchase signals the owner’s entry into the Minnesota market. Over the last 18 months, KPR has acquired 12 centers totaling nearly 3 million square feet of space for approximately $400 million.
MINNEAPOLIS — Landmark Properties has opened The Standard at Dinkytown, a 17-story student housing project comprising 1,021 beds in Minneapolis. The 17-story community marks the first student housing development in Minnesota for Athens, Ga.-based Landmark. BKV Group served as the architect, and Landmark Construction was the general contractor. The property’s 323 units range from studios to five bedrooms. Each apartment is fully furnished and wired for high-speed internet and cable. Amenities include an outdoor pool area with a jumbotron, sun deck, cabanas, grilling stations and rooftop hot tub. Students also have access to an interior courtyard area, fitness center, clubhouse with computer lab, gaming lounge, study lounge with café and Amazon package lockers.
MINNEAPOLIS — CBRE has arranged the sale and acquisition financing for a 220,244-square-foot, four-property industrial portfolio in metro Twin Cities. An undisclosed buyer purchased the portfolio from Big River Real Estate for $25.2 million. CBRE’s Bentley Smith, Judd Welliver, Zach Graham, Ryan Bain, Joe Horrigan and Michael Caprile represented the seller. Billy Mork and Mike Vannelli of CBRE arranged a $15 million loan on behalf of the buyer that features a five-year term, fixed interest rate and full-term interest-only payments. The properties include 1971 Seneca Road in Eagan, 1420-1464 Cliff Road in Burnsville, 3830 Cheatham Ave. in Minneapolis and 1441 First Ave. NW in New Brighton. All of the assets were at least 94 percent leased at the time of sale.
PLYMOUTH, MINN. — Kraus-Anderson has completed Phase 2 of a $41.8 million expansion of Trillium Woods, an independent living retirement community located at 5855 Cheshire Parkway in the Minneapolis suburb of Plymouth. Designed by Pope Design Group, the 160,321-square-foot, five-story expansion consists of 18 assisted living units, 16 assisted living memory care units, 52 independent living units and 67 underground parking spaces. Trillium Woods is a Life Plan Community that provides wellness services and levels of senior care, including memory care, skilled nursing and rehabilitation. The prairie-style community is surrounded by 46 acres of walking and hiking trails and features an indoor pool, salon, day spa, fitness center, pub, café, pickleball court, library, auditorium, art studio, guest suites and fine dining. Construction began in April 2024.
GRAND RAPIDS, MINN. — Oppidan Investment Co. has broken ground on Mill + Mass, a new workforce housing project in Grand Rapids, a city in northern Minnesota. The 121,000-square-foot, 132-unit development is the result of a public-private partnership. Located near the Mississippi River and inspired by the region’s paper mill history, Mill + Mass will include one-, two- and three-bedroom units with a fitness center, game room, coffee bar, outdoor patio and walking paths. Mill + Mass was made possible through the support of the City of Grand Rapids, Grand Rapids Economic Development Authority, Iron Range Resources & Rehabilitation Board and the Minnesota Housing Finance Agency through the State’s Workforce Development Program. Completion is slated for March 2027.
LUTSEN, MINN. — The Duluth office of Kraus-Anderson has completed construction on Papa Charlie’s Event Center and Lodging in Lutsen within northeast Minnesota. Located at 467 Ski Hill Road, the 9,825-square-foot restaurant and lodge replaces the former facility that was shuttered by a 2023 fire. Designed by LHB Architects, the new $10 million replacement building includes Charlie’s Alpine Bistro. The two-story center’s lodging, called Sunset Studios, includes a bridal suite and eight custom lodging units with balconies overlooking the Poplar River and Moose Mountain. Construction began in September 2024.
Newer Posts