Monarch Alternative Capital, Crestlight Capital Purchase Three-Building Office Portfolio in Minneapolis

MINNEAPOLIS — Monarch Alternative Capital LP and Crestlight Capital have acquired a portfolio of three office buildings in the North Loop submarket of Minneapolis for an undisclosed price. The properties are located at 241 N. 5th Ave., 411 Washington Ave. and 500 N. 3rd St. Swervo Development Corp. was the seller and developer for all three buildings. The new owners plan to invest in branding and amenities for the properties. Monarch is an investment firm with approximately $9 billion of assets under management, and Crestlight is a Detroit-based private equity real estate investment firm with roughly $500 million in assets under management.