ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a multifamily portfolio in St. Paul for $2.2 million. The portfolio consists of twin 10-unit properties, both of which rise two stories and were constructed in 1949. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap represented the seller and procured the buyer, neither of which were disclosed.
VIRGINIA, MINN. — Kraus-Anderson has completed construction of Rock Ridge Career Academy High School, which utilizes a new model of education for students to explore different occupations and identify potential careers. The $122 million project, which is part of Rock Ridge Public Schools’ plans for more than $190 million in construction and demolition projects, totals 280,000 square feet and is located in Virginia, a city in Northwest Minnesota. The school offers career tracks within three different categories, including: (1) business management, administration, arts, communications and information systems; (2) health and human services; and (3) agriculture, food, manufacturing, construction, engineering and science. Designed by Cuningham Group Architecture alongside local firm DSGW Architects, the school features a variety of lab spaces as well as a pool, gymnasium, stadium, performing arts center and turf fields.
MINNEAPOLIS — Wiegmann Associates has begun work on a new six-story, 308-unit multifamily project in the Dinkytown neighborhood of Minneapolis. As the engineer of record and mechanical contractor, Wiegmann is responsible for designing, coordinating and managing the installation of the mechanical systems for the 487,000-square-foot building. The developer is targeting LEED Silver or MN B3 certification, which requires that the HVAC systems meet strict energy-efficiency standards. The B3 guidelines, which can be applied to new buildings or renovations to meet sustainability goals, are required on all projects that receive general obligation bond funding from the State of Minnesota. Completion is slated for this June. The project site is a combination of six different parcels that previously housed surface parking lots and a number of one- and two-story commercial buildings home to businesses such as Subway, Dinkytown Liquors and McDonald’s. The new development will include commercial spaces and affordable student housing units for the adjacent University of Minnesota’s Twin Cities campus. The project team includes general contractor Catalyst Construction, architect BKV Group and developer CA Ventures.
MINNEAPOLIS — Student housing developer Landmark Properties is undertaking its first development project in Minnesota, a 1,021-bed student housing community located within walking distance of the University of Minnesota in Minneapolis. Named The Standard at Dinkytown, the project will offer several floor plans ranging from studios to five-bedroom units with 30 affordable housing units. Rental rates at the property will include cable, internet, trash and all furniture. Amenities will include an outdoor pool area with a jumbotron, sun deck, cabanas, outdoor grilling stations and rooftop hot tub as well as a fitness center, clubhouse, gaming lounge, study lounge and Amazon package lockers. Construction is expected to begin this year and be completed in fall 2025. The University of Minnesota enrolls more than 50,000 students each fall.
MINNEAPOLIS — Kraus-Anderson has completed construction of Moment, a $66 million luxury apartment tower developed by Sherman Associates in downtown Minneapolis. Designed by ESG Architecture & Design, the 222-unit project is located at 650 Portland Ave. The second floor of the 10-story building is home to Firefighters for Healing and its Transitional Healing Center for injured fighters and burn survivors. The center provides 12 suites for families awaiting a patient receiving care at nearby Hennepin Healthcare Burn Unit, a regional center for burn treatment. It also accommodates discharged patients as they transition before returning home. Amenities at Moment include a pool, sauna, hot tub, sports simulator, work-from-home space, rooftop lounge and underground parking. Energy usage for Moment is offset by energy production from a solar garden in Carver County. The project also features nearly 15,000 square feet of commercial space with skyway access. A Starbucks store is expected to open this spring. Monthly rents start at $1,657, according to the property’s website. The name Moment is derived from the phrase “live in the moment.”
ALBERT LEA, MINN. — Kraus-Anderson has completed an expansion and renovation of Ulland Brothers’ maintenance facility at 2501 E. Main St. in Albert Lea, a city in southern Minnesota. Ulland Brothers is an excavating and paving contractor. Designed by DSGW Architects, the project features a 20,000-square-foot addition that houses a new wash bay, ancillary shop, repair bay, warehouse space, loading and receiving dock, welding bay, two welding rooms and a mechanical mezzanine. A 2,650-square-foot interior renovation of the existing facility consists of a new spare parts room, battery room, mechanical room and bathroom. The building also received exterior upgrades.
RICHFIELD, MINN. — American Legion Post 435 has proposed a $67.5 million redevelopment of its headquarters in Richfield, a southern suburb of Minneapolis. The proposed project, Veterans Village 435, would deliver 195 apartment units with priority for veteran residents. Slightly more than 20 percent of the units would be priced for those earning up to 50 percent of the area median income. The development would also house the Post’s administrative offices and a banquet facility that would double as the Post’s membership meeting space. Plans call for a privately operated restaurant and dedicated space for agencies serving the needs of veterans. The project would also include several extended-stay units for the families of veterans staying at the Minneapolis VA Medical Center. Post leadership is seeking a $10 million state funding appropriation to help pay for construction of the project. Elwyn Tinklenberg, who formerly served as the state’s commissioner of transportation, is working through his own organization, The Tinklenberg Group, with the proposed project developer, St. Louis-based JPL Development.
BUFFALO, MINN. — Northmarq has provided a $6.8 million Fannie Mae loan for the refinancing of Evergreen Square Apartments in Buffalo, about 40 miles northwest of Minneapolis. The 78-unit apartment community, built in 1990, is located at 911 6th Ave. The three-story property features amenities such as laundry facilities and a playground. Mike Padilla of Northmarq originated the seven-year loan, which features a fixed interest rate and a 35-year amortization schedule.
MINNEAPOLIS — Northmarq has arranged a $9.5 million agency loan for the refinancing of Isles East and West, an 85-unit apartment complex in Minneapolis. Originally built in 1922, the property rises three stories and features laundry facilities, a courtyard and car charging stations. Mike Padilla of Northmarq arranged the five-year, fixed-rate loan, which features three years of interest-only payments and a 30-year amortization schedule. The borrower was undisclosed.
ST. PAUL, MINN. — Ryan Cos. US Inc. will build the new Lee and Penny Anderson Arena at the University of St. Thomas in St. Paul. Ryan A+E Inc., Ryan’s design studio, is collaborating with Crawford Architects on the design of the multi-purpose arena and practice facilities, which will serve as the new home for the men’s and women’s hockey and basketball programs. The private university is transitioning to NCAA Division I athletics from Division III. The arena will also host commencement ceremonies, academic convocations, conferences, career fairs and other events for the university and broader community. Meyer Borgman Johnson will provide structural engineering services and IMEG Engineers will provide mechanical, electrical and plumbing engineering. Construction is scheduled to begin in 2024 and be completed in fall 2025. The university received a $75 million gift from Lee and Penny Anderson for the project. Lee Anderson sold APi Group, a conglomerate of construction and fire-protection businesses, for $3.5 billion in 2019, according to the Star Tribune.