Minnesota

Kraus-Anderson Breaks Ground on $39.2M Affordable Housing Project in Rochester, Minnesota

by Kristin Harlow July 7, 2021

ROCHESTER, MINN. — The Rochester office of Kraus-Anderson has broken ground on Bryk on Broadway, a $39.2 million affordable housing project in Rochester’s Destination Medical Center district. Owners Dirk Erickson and John and Marcia Bouquet are developing the property located at the corner of Civic Center Drive and North Broadway. Designed by ISG, the project will feature 180 units, 7,500 square feet of commercial and retail space and 140 parking stalls. The six-story development will include a fifth-floor community room with an outdoor terrace, lounge and fitness center. Completion is slated for late 2022. Of the 180 units, 54 will be offered at 50 percent of the area median income (AMI), 18 will be offered at 60 percent AMI and 108 will be offered at 80 percent AMI. NorthMarq arranged a $31.2 million construction loan for the project through a credit union. “The name Bryk came to us as a metaphor for something strong,” says Dirk Erickson, owner and developer. “Brick buildings are meant to last and our mission is ‘building a strong community.’ We want to provide a high-quality living experience for our tenants and hope to set a new standard in affordable housing, hence building a strong foundation …

July 7, 2021

Development Healthcare Midwest Minnesota

Davis to Develop 44,000 SF Medical Office Building in Maple Grove, Minnesota

by Kristin Harlow July 2, 2021

MAPLE GROVE, MINN. — Davis will develop Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, a northwest suburb of the Twin Cities. Construction of the two-story project is scheduled to begin in late July. MNGI Digestive Health has signed a lease to occupy the entire 22,000-square-foot second floor. Davis will own the building and provide property management and leasing services. Completion is slated for August 2022. The project team includes Plymouth-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Davis is a national healthcare real estate firm.

July 2, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $2.1M Sale of Apartment Building in Edina, Minnesota

by Kristin Harlow June 28, 2021

EDINA, MINN. — Marcus & Millichap has brokered the sale of 4001 Mavelle Drive, a 12-unit multifamily complex in Edina, for $2.1 million. Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both of which were undisclosed. The property is set within a few blocks of shopping destinations Galleria and Southdale Center. There are 11 two-bedroom units spanning roughly 625 square feet each that rent for $940 to $1,159 per month. The one studio unit spans 450 square feet and is rented for $760 per month. Residents have their own parking garage stalls and access to onsite laundry.

June 28, 2021

Acquisitions Industrial Midwest Minnesota

JLL Brokers $82.3M Sale of Suburban Minneapolis Industrial Park

by Kristin Harlow June 25, 2021

PLYMOUTH, MINN. — JLL Capital Markets has brokered the $82.3 million sale of Plymouth Ponds Business Park in Plymouth, about 15 miles west of downtown Minneapolis. The eight-building light industrial park sits on 60 acres at 17100 Media Road. The asset is located at the intersection of Highway 55 and County Road, providing convenient access to I-394 and I-494. Colin Ryan and David Berglund of JLL led the team that represented the buyer, Link Logistics, which was established by Blackstone in 2019. The seller was undisclosed.

June 25, 2021

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Property in Minnesota

by Kristin Harlow June 24, 2021

MANKATO, MINN. — Colliers Mortgage’s Minneapolis office has provided a $4.3 million HUD 223(f) loan for the refinancing of Rosa Place in Mankato, about 80 miles southwest of Minneapolis. The 60-unit affordable housing property was built in 2019 using 9 percent Low-Income Housing Tax Credit (LIHTC) proceeds. All units are reserved for households that earn up to 50 percent of area median income. Velair Property Management LLC manages the property. Rosa Place LP was the borrower. The 35-year loan is fully amortizing.

June 24, 2021

Acquisitions Midwest Minnesota Multifamily

Colliers Brokers $44.7M Sale of Apartment Complex in Suburban Minneapolis

by Kristin Harlow June 22, 2021

GOLDEN VALLEY, MINN. — Colliers MSP has brokered the $44.7 million sale of Hello Apartments in Golden Valley, a western suburb of Minneapolis. Constructed in 2017, the Class A apartment complex features 172 units. Amenities include a rooftop deck, pool and volleyball court. Ted Bickel, Jeff Budish, Lauren Panzer and Lacey O’Connor of Colliers represented the seller, Continental Property Group. Utah-based Peak Capital Partners was the buyer.

June 22, 2021

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $4.3M HUD-Insured Loan for Refinancing of Affordable Housing Community in Minnesota

by Kristin Harlow June 18, 2021

ROCHESTER, MINN. — Colliers Mortgage has provided a $4.3 million HUD 223(f) loan for the refinancing of Harvestview Place in Rochester. The 60-unit affordable housing community was constructed in 2019 using 9 percent low-income housing tax credit syndication proceeds. All units are restricted to residents who earn at or below 50 percent of the area median income. Harvestview Place LP was the borrower for the 35-year loan, which is fully amortized. Velair Property Management LLC manages the property.

June 18, 2021

Acquisitions Midwest Minnesota Multifamily

Seven-Building Multifamily Portfolio Trades Hands in St. Paul, Minnesota

by Kristin Harlow June 15, 2021

ST. PAUL, MINN. — A seven-building multifamily portfolio totaling 174 units has traded hands in St. Paul for an undisclosed price. Live Green Apartments sold the brownstone buildings to a private investor. The properties range in size from 12 units to 44 units and were built from 1911 to the 1920s. Ted Abramson, Drew Rafshol, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, which invested significant capital over the last several years to update roofs, windows, boilers, common areas and landscaping. Additionally, units and laundry areas received new flooring.

June 15, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $16.4M Sale of Apartment Property in Bloomington, Minnesota

by Kristin Harlow June 11, 2021

BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Normandale Lake Estates in Bloomington for $16.4 million. Built in 1964, the apartment property includes 105 units, all of which have been renovated. Amenities include a pet area, outdoor pool and courtyard with grilling area. The Normandale Lake Office Park is located across the street from the property, which was fully occupied at the time of sale. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Normandale Lake LLC. Dealer Sites LLC purchased the asset in a 1031 exchange.

June 11, 2021

Acquisitions Midwest Minnesota Multifamily

Centerspace Agrees to Acquire Multifamily Portfolio in Minnesota for $323.8M

by Kristin Harlow June 8, 2021

MINNEAPOLIS AND ST. CLOUD, MINN. — Centerspace (NYSE: CSR) has agreed to acquire a portfolio of 17 apartment communities in Minnesota for $323.8 million. The portfolio is comprised of 14 properties in Minneapolis and three assets in St. Cloud for a total of 2,696 units. Centerspace intends to refinance a portion of the properties as well as invest $40 million into repositioning the communities over the next 24 to 36 months. The transaction is expected to close in the third quarter. KMS Management Inc. was the seller. Upon closing of the transaction, Centerspace will increase its footprint to 4,901 units in Minneapolis and 1,524 units in St. Cloud.

June 8, 2021

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