Minnesota

Lupe Development Opens $52M Wirth on the Woods Seniors Housing Campus in Minneapolis

by Kristin Harlow May 2, 2024

MINNEAPOLIS — Lupe Development has opened Wirth on the Woods, a $52 million seniors housing campus near Theodore Wirth Park in Minneapolis. The project includes 100 units of affordable seniors housing in a six-story building named The Theodore and 100 units of market-rate seniors housing in a six-story building named The Eloise. The development also includes a new regional storm pond, outdoor classroom and play area for the adjacent Anwatin Middle and Bryn Mawr Elementary schools. The two seniors housing buildings feature shared amenities such as an outdoor courtyard, garden and greenhouse. The affordable housing component was made possible with the Livable Communities Demonstration funds from Metropolitan Council, as well as loans, grants and funding participation from the City of Minneapolis, Hennepin County and the Minnesota Housing Finance Agency. Investors in the project included Great Southern Bank and Raymond James Investments. The Eloise was privately funded, and Great Southern Bank served as the senior lender. Frana Cos. was the general contractor. Wirth on the Woods is the result of master planning between Lupe Development and Swervo Development Corp. The master plan created more than 200 additional market-rate units in a combination of lofted units and townhomes called the Pennhurst Collective. …

May 2, 2024

Acquisitions Midwest Minnesota Office

Transwestern Brokers $4M Sale of Office Building in Blaine, Minnesota

by Kristin Harlow May 2, 2024

BLAINE, MINN. — Transwestern Real Estate Services has brokered the $4 million sale of a 46,800-square-foot office building in Blaine, a northern suburb of Minneapolis. Located at 3680 Pheasant Ridge Drive NE, the property was vacant at the time of sale but formerly housed the Minnesota School of Business. Eric Rapp of Transwestern represented the seller, M5 Built Holdings-Blaine LLC. The buyer, East Blaine Community Center, plans to fully renovate the building. The owner will utilize the building’s classrooms and large gathering spaces as a religious community center.

May 2, 2024

Acquisitions Hospitality Midwest Minnesota

Marcus & Millichap Arranges Sale of 88-Room Microtel Inn & Suites Hotel in Rochester, Minnesota

by Kristin Harlow May 1, 2024

ROCHESTER, MINN. — Marcus & Millichap has arranged the sale of the Microtel Inn & Suites Rochester South for an undisclosed price. The 88-room, recently built property is located at 4165 Maine Ave. SE. Jon Ruzicka, Jake Erickson, Jared Plamann and Joseph Ferguson of Marcus & Millichap represented the buyer and seller, details of which were not provided.

May 1, 2024

Civic Development Midwest Minnesota

Kraus-Anderson Begins $24M Renovation of Chaska Middle School West in Suburban Minneapolis

by Kristin Harlow April 30, 2024

CHASKA, MINN. — Kraus-Anderson (KA) has begun a $24 million renovation of Chaska Middle School West located at 140 Engler Blvd. in Chaska, a southwest suburb of Minneapolis. Designed by Wold Architects and Engineers, the project will be constructed during the summer months of 2024 and 2025. The overall 145,000-square-foot renovation consists of mechanical and electrical upgrades, interior improvements and updated finishes throughout the entire school building. Renovations will be made to the gymnasium, classrooms, locker rooms, bathrooms, music spaces and other student areas. KA will also replace the parking lot and improve the existing loading dock area. Completion is slated for fall 2025.

April 30, 2024

Acquisitions Midwest Minnesota Multifamily

JLL Arranges Sale of 48-Unit Oakmont Apartments in Coon Rapids, Minnesota

by Kristin Harlow April 25, 2024

COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.

April 25, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $3.8M Sale of Apartment Building in Minneapolis

by Kristin Harlow April 22, 2024

MINNEAPOLIS — Marcus & Millichap has brokered the sale of a 29-unit apartment building in Minneapolis for $3.8 million. Located at 3116 Girard Ave., the property features 20 covered parking stalls and five surface parking stalls. More than half of the units have been renovated. Abe Roberts and Michael Jacobs of Marcus & Millichap procured the buyer. Seller information was not provided.

April 22, 2024

Acquisitions Midwest Minnesota Office

KW Commercial Premier Negotiates Sales of Two Office Condos in Woodbury, Minnesota

by Kristin Harlow April 22, 2024

WOODBURY, MINN. — KW Commercial Premier has negotiated the sales of two office condos in the Twin Cities suburb of Woodbury. The properties, built in 2004, sold for $1.4 million each. The first property, 3060 Woodbury Drive, was previously a dental office and sold to a dentist. The second asset, 3020 Woodbury Drive, consisted of office space leased to several small companies. Scott Miller and Mike Olson of KW Commercial Premier represented the sellers, while Kevin Salmen of Transwestern represented the buyers.

April 22, 2024

Affordable Housing Development Midwest Minnesota Multifamily

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow April 18, 2024

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

April 18, 2024

Acquisitions Midwest Minnesota Multifamily

CBRE Brokers Sale of 191-Unit Berkshire Central Apartment Complex in Blaine, Minnesota

by Kristin Harlow April 17, 2024

BLAINE, MINN. — CBRE has brokered the sale of Berkshire Central, a 191-unit apartment complex in Blaine, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 2017, the property features a range of studio, one- and two-bedroom units averaging 889 square feet. Amenities include a lounge, kitchen, garden, fitness center, yoga studio and pool. Keith Collins, Ted Abramson and Abe Appert of CBRE represented the seller, BMIRF Central LLC. Sentinel Management Co. was the buyer.

April 17, 2024

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Kristin Harlow April 17, 2024

MAPLEWOOD, MINN. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet, and amenities will include a fitness center, rooftop deck, shared garden space, clubroom, underground heated parking and storage units. The loan features a 40-year term and amortization.

April 17, 2024

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