EDINA, MINN. — Colliers International has negotiated the sale of a 32,799-square-foot office and warehouse facility located at 7625 Cahill Road in Edina, a southern suburb of Minneapolis. Apres Party and Tent Rental sold the facility to Buhl Investors LLC. Apres is relocating to a larger facility in Minnetonka. Buhl plans to redevelop the building into mini-storage and construct a second level of space. Nick Leviton and Brian Netz of Colliers represented Apres in the sale, while Brian Pankratz of CBRE represented Buhl. Leviton also assisted Apres with the acquisition of their new facility in Minnetonka.
WEST ST. PAUL, MINN. — CBRE has arranged a $3.8 million acquisition loan for Emerson Hills Apartments in West St. Paul. The 35-unit multifamily property is located at 993 Robert St. The building, which was built in 2005, was 97 percent occupied at the time of sale. The financing was obtained through Freddie Mac’s small loan balance program and includes a 10-year, fixed interest rate of 3.6 percent and a 30-year amortization schedule. Ben Bastian and Mark Roos of CBRE represented the borrower, Emerson Hills Apartments LLC. The borrower is affiliated with Blackhawk Investment Group, a private real estate investment and development firm with a portfolio of approximately 300 apartment units in the Minneapolis and Chicago metro areas. The seller was an entity related to Sherman Associates Inc.
EDINA, MINN. — Marcus & Millichap has arranged the sale of Interlachen Manor and Oaklawn Estates, a 31-unit apartment portfolio located in the Minneapolis suburb of Edina, for $4.4 million. Interlachen Manor includes 17 units and is located at 5220 Interlachen Blvd. Oaklawn Estates includes 14 units and is located at 4401 Valley View Road. Josh Talberg, Mox Gunderson and Dan Linnell of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also secured and represented the buyer, a private investor.
BURNSVILLE, MINN. — CBRE has arranged the sale of Woods of Burnsville in Burnsville, 15 miles south of Minneapolis. The 400-unit apartment community is located at 14701 Portland Ave. South. The property includes newly renovated units ranging from studios to three bedrooms. Community amenities include a clubhouse, fitness center, outdoor playground, picnic areas, swimming pool and volleyball and tennis courts. Keith Collins, Abe Appert and Laura Hanneman of CBRE represented the seller, Waterton. A Philadelphia-based REIT was the buyer.
WEST ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Emerson Hill in West St. Paul for $4.8 million. The 35-unit apartment community is located at 993 Robert St. South. Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a private investor.
EAGAN, MINN. — CBRE has brokered the sale of Lexington Hills in Eagan, 15 miles south of St. Paul. The 168-unit property is located at 4116 Lexington Ave. South. The seven-building community recently underwent a $1.8 million renovation including clubhouse expansion with an outdoor lounge, community room, fitness center and outdoor swimming pool. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Lexington Hills-Minneapolis LLC, an entity controlled by Bellevue, Wash.-based Curtis Capital Group. The buyer was an affiliate of Miami-based Monument Capital Management.
MINNEAPOLIS — Marcus & Millichap has arranged the sale of 860 10th Ave. Southeast in Dinkytown, a commercial district within Minneapolis, for $1.3 million. The nine-unit student housing building was constructed in 1990 and features 24 beds. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The Marcus & Millichap team also represented the buyer, a private investor.
MINNEAPOLIS — Dougherty Mortgage has arranged a $2.3 million Fannie Mae loan for the refinancing of Beltrami Apartments in Minneapolis. Originally built in 1964, the property includes 24 apartment units and was renovated in 2015. The 12-year loan features a 30-year amortization schedule. Alma Equities LLC was the borrower.
VICTORIA, MINN. — Grandbridge Real Estate Capital has arranged a $14.6 million loan for the construction of a multifamily property in Victoria, about 13 miles southwest from Minnetonka. Victoria Flats will include 81 apartment units. Dave Rasmussen of Grandbridge originated the transaction. A regional bank served as the lender. The Beard Group Inc. is the project developer.
MINNEAPOLIS — EdR, in a joint venture development with Core Spaces, has started construction on The Hub Minneapolis, a 707-bed student housing community adjacent to the University of Minnesota in Minneapolis. EdR will be the 51 percent owner and will manage the $97.9 million development upon completion. The community offers a mix of studio, one-, two-, three- and four-bedroom floor plans. Amenities include individual study rooms, group study lounges, computer lab, fitness center, pool and fire pits. The Hub’s penthouse level will feature a chef’s kitchen, bar-top dining area and patio. The plan also calls for 10,000 square feet of retail space on the ground floor. The project is slated for completion in summer 2018.