Minnesota

Lupe Development Partners, Ecumen Plan to Develop 118-Unit Affordable Seniors Housing Community in Edina, Minnesota

by Kristin Harlow November 19, 2020

EDINA, MINN. — The Edina Housing Foundation has selected Lupe Development Partners and Ecumen to develop 118 units of affordable seniors housing in Edina. The project would be built on a parcel of land near Southdale Mall that the foundation owns. With rents ranging from $650 to $1,600, the proposed development will be affordable to seniors with household annual incomes ranging from $22,000 to $58,000. Ecumen will manage the property upon completion. The project team will work with the City of Edina to develop public art and community programing components. The development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, community room, business center, package and mail center, green roof and walking path connections to the city’s trail system. The next steps are for the project team to begin the development planning and approval process with the city and obtain construction financing. Pending approval, construction could begin in spring 2022.

November 19, 2020

Acquisitions Industrial Midwest Minnesota

KW Commercial Arranges $1.6M Sale of Industrial Building in Burnsville, Minnesota

by Kristin Harlow November 17, 2020

BURNSVILLE, MINN. — KW Commercial has arranged the $1.6 million sale of a 24,000-square-foot industrial building in Burnsville, about 17 miles south of Minneapolis. The property is situated on 1.8 acres along Riverwood Drive. Andy Manthei and Matt Klein of KW Commercial’s Apple Valley office represented the seller, Linvill Riverwood LLC, an affiliate of Minnetonka-based Linvill Properties Inc. Buyer information was undisclosed.

November 17, 2020

Acquisitions Midwest Minnesota Retail

Upland Brokers $20M Sale of Retail Property Occupied by Fleet Farm in Minnesota

by Kristin Harlow November 16, 2020

MONTICELLO, MINN. — Upland Real Estate Group has brokered the $20 million sale of a 188,000-square-foot retail property occupied by Fleet Farm in Monticello, about 40 miles northwest of Minneapolis. The single-tenant, net-leased building is situated near I-94. Fleet Farm has 19 years remaining on its lease. The retailer operates 45 stores in five states and sells a variety of sports and outdoor equipment, appliances, automotive goods, apparel, hardware, tools and farm supplies. Keith Sturm, Deborah Vannelli, Amanda Leathers and Ed Engler of Upland brokered the sale. Buyer and seller information was not disclosed.

November 16, 2020

Acquisitions Midwest Minnesota Multifamily

Timberland Partners Purchases 205-Unit Luxury Apartment Property in Rochester, Minnesota

by Kristin Harlow November 6, 2020

ROCHESTER, MINN. — Timberland Partners has purchased Preserve on Maine, a 205-unit luxury apartment property in Rochester near Minneapolis. The purchase price was undisclosed. Built in 2017, the community is located at 4010 Maine Ave. SE. The seller, Harbor Bay Real Estate Advisors, was also the property’s developer. Amenities include a fitness center, outdoor heated pool, entertainment room, dog run, pet spa and walking trails. There is also a daily shuttle service to the Mayo Clinic. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Harbor Bay.

November 6, 2020

Development Midwest Minnesota Multifamily

Opus Completes 218-Unit Apartment Building in Minneapolis

by Kristin Harlow October 30, 2020

MINNEAPOLIS — The Opus Group has completed construction of Vesi, a 218-unit apartment building in the North Loop neighborhood of Minneapolis. The six-story property features a mix of studio, one-bedroom, two-bedroom and penthouse units. Amenities include a rooftop terrace, pool and spa, fitness room, library, dog wash and golf simulator. Opus served as developer, design-builder, architect and engineer. ESG Architects was the design architect and interior designer. Vesi is the fifth residential project for Opus in downtown Minneapolis since 2014. Monthly rents start at $1,610. Residents can now receive $500 off their first month of rent.

October 30, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota

by Kristin Harlow October 28, 2020

BLOOMINGTON, MINN. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. Amenities will include a pickleball court, outdoor pool, clubhouse, community room, fitness center, kid’s playroom, craft room, business center and rooftop deck. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.

October 28, 2020

Content Partner Heartland Feature Archive Lument Midwest Minnesota Multifamily RED Capital Group

The Twin Cities: An Unlikely Shelter in Turbulent Multifamily Markets

by Sarah Daniels October 27, 2020

The Minneapolis metropolitan area made plenty of headlines in 2020, and much of the news wasn’t good. The social fabric was frayed, and property damage estimated at between $250 million and $500 million ensued. On the surface, the Twin Cities appear unlikely sources of stability and relative safety for multifamily investors, and yet market performance and property value trends have so far proven resilient in the face of adversity. In comparison to many of the primary markets and its regional rival, Chicago, Minneapolis has navigated the effects of the pandemic recession remarkably well and may represent an attractive option for investors who remain committed to the urban mid-rise model, as well as those considering increased exposure to suburban situations. The Minneapolis economy was by no means immune to the effects of public health-related lockdowns. Payroll employment plunged by 270,000 jobs in March and April, representing about 13.3 percent of the February metro total. Although severe, pandemic losses fell below the national average (U.S. payrolls fell 14.6 percent) and were comparable to those recorded in Chicago and Milwaukee. Since April, the Minneapolis labor market has made considerable headway. The unemployment rate dropped to 7.9 percent in August, materially lower than the …

October 27, 2020

Development Midwest Minnesota Multifamily

Local Developers to Revitalize Historic Mansion with Apartment Project in Minneapolis

by Kristin Harlow October 26, 2020

MINNEAPOLIS — W+Noordijk, in partnership with Yellow Tree Development and Sentinel Management Co., have acquired the historic Alden Smith Mansion in Minneapolis and plan to restore and incorporate it into a larger 124-unit apartment project. The Minneapolis Community & Technical College (MCTC) had been actively pursuing restoration strategies for the mansion since 2010. The developers plan to fully revitalize the house and develop it into a social hub for residents, equipped with coworking spaces, a coffee bar, billiards room and wellness spaces. The mansion will also house three luxury apartment suites on the upper floor. Construction is scheduled to begin in November with completion slated for spring 2022. BHDM Design and Studio BV are serving as interior designers while DJR Architecture is the project architect. Yellow Tree Construction Services is the general contractor. Old National Bank arranged financing for the project. The developers purchased the house from the State of Minnesota, which had owned the property located on the MCTC campus since 1996. Horatio Alden Smith, the home’s original owner, was a partner in the Smith & Wyman Sash and Door Co. He lived in the house with his family from 1887 to 1906. His wife sold the home in …

October 26, 2020

Midwest Minnesota Retail

Target Introduces More Safety Measures Ahead of Holiday Season

by Kristin Harlow October 22, 2020

MINNEAPOLIS — Ahead of the holiday shopping season, Minneapolis-based Target Corp. is adding more safety measures for shoppers in response to the ongoing COVID-19 pandemic. Customers can download the Target app to utilize contactless payment options and employees throughout the store will have handheld checkout devices to make purchases more convenient. Shoppers can even reserve a spot in line by checking on their specific Target store on the website. Target is also doubling the number of curbside pickup parking spaces. Customers can show their barcode through the car window and maintain social distance. Target also announced that it would award more than 350,000 team members another $200 bonus. This includes hourly team members in stores, distribution centers and contact centers. It also includes seasonal hires.

October 22, 2020

Civic Development Midwest Minnesota

Kraus-Anderson Completes $18.4M Adaptive Reuse Project for Rochester Police Department in Minnesota

by Kristin Harlow October 21, 2020

ROCHESTER, MINN. — Kraus-Anderson has completed the adaptive reuse and construction of the Development Services and Infrastructure Center and the North Station for the Rochester Police Department (RPD) in southern Minnesota. The total project investment was $18.4 million. As space became limited at City Hall, the City of Rochester bought the former Think Bank building and land in 2016 in order to relocate the RPD and the city’s newly formed Development Services and Infrastructure team, which includes the Community Development Department, Building Safety and Public Works. Designed by BKV Group, the 47,000-square-foot transformation of the Think Bank building began in July 2019.

October 21, 2020

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