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Grandview Terrace in Mound, Minnesota
MidwestMinnesota

CBRE Arranges $9.8 Million Sale of Grandview Terrace in Mound, Minnesota

by Channing Hamilton

MOUND, MINN. — CBRE has arranged the sale of Grandview Terrace, an 88-unit community located in Mound, roughly 25 miles west of Minneapolis, for $9.8 million. Ted Abramson, Abe Appert and Keith Collins of CBRE represented the seller, IPG. An entity related to Lion Rock Properties was the buyer. Grandview Terrace was built in 1970. Located at 5600 Grandview Blvd., the community offers one- and two-bedroom floor plans averaging 800 square feet. According to Apartments.com, amenities include a pool, laundry facility, gated access, Wi-Fi connectivity and a courtyard.

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Wheelock Parkway Apartments in St. Paul, Minnesota
Investment SalesMidwestMinnesotaNews

Marcus & Millichap Arranges Sale of 103-Unit Wheelock Parkway Apartments in St. Paul, Minnesota

by Channing Hamilton

ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of Wheelock Parkway Apartments, a 103-unit community located at 1609 N. Woodbridge St. in St. Paul, for an undisclosed price. Wheelock Parkway Apartments was built between 1965 and 1967. The property comprises 44 one-bedroom and 59 two-bedroom units across 85,580 square feet of rentable space. Amenities include a pool, laundry facilities, picnic areas, a walking path and playground. Chris Collins, Evan Miller, Eric Wagner, Matthew Shide and Zack Olson of Marcus & Millichap represented the seller, a Minnesota-based limited …

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Shelby Commons in Minneapolis
Affordable HousingDevelopmentLeasing & MarketingMidwestMinnesotaNews

Woda Cooper, Project for Pride in Living Open 46-Unit Affordable Shelby Commons in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The four-story building features one-, two- and three-bedroom units. All of the units are reserved for households earning 30 to 80 percent of the area median income. Amenities include a community room, laundry facility and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available on-site. The property will feature two large murals currently underway …

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Marlowe Opus Station in Minnetonka, Minnesota
DevelopmentMidwestMinnesotaNews

Associated Bank Provides $55 Million Construction Loan for 269-Unit Project in Minneapolis Suburb

by Channing Hamilton

MINNETONKA, MINN. — Associated Bank has provided a $55 million construction financing package for Marlowe Opus Station, a 269-unit development located at 10702 Red Circle Drive in Minnetonka, approximately 13 miles west of Minneapolis. Greystar is the developer of the project. Edward Notz of Associated Bank originated the loan. Demolition is currently underway on the vacant office building on the site. A at Marlowe Opus Station will include a pool, courtyard, fitness room, clubroom, sauna, pet wash, work-from-home offices, bike storage, structured parking, electric vehicle charging stations and storage units. …

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Affordable HousingDevelopmentFinanceMidwestMinnesotaNews

Wells Fargo Provides $65.5 Million in Construction Financing for Affordable Housing Project in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing, a mixed-use affordable housing project located at 3030 Nicollet Ave. in Minneapolis. The six-story property will offer 110 apartment units, as well as commercial space and a Wells Fargo branch on the first floor. Income restrictions were not disclosed. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The developer is Project for Pride in …

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Shalimar Estates in Burnsville, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Brokers Sale of 48-Unit Shalimar Estates in Burnsville, Minnesota

by Channing Hamilton

BURNSVILLE, MINN. — JLL Capital Markets has negotiated the sale of Shalimar Estates, a townhome community comprising 48 units in Burnsville, 15 miles south of Minneapolis. JLL represented the seller, Gaughan Cos., in the deal. The buyer was not disclosed. Josh Talberg and Bill Mork led the JLL Capital Markets Investment Sales Advisory team. Shalimar Estates is part of Gaughan’s 800-unit Minnesota Legacy Apartment Portfolio, which JLL has been marketing for sale. The community is situated on 5.6 acres at 13340 Parkwood Dr. Townhomes come in three-bedroom layouts and feature washers …

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Oakmont Apartments in Coon Rapids, Minnesota
Investment SalesMidwestMinnesotaNews

JLL Capital Markets Brokers Sale of Oakmont Apartments in Coon Rapids, Minnesota

by Channing Hamilton

COON RAPIDS, MINN. — JLL Capital Markets has brokered the sale of Oakmont Apartments, a 48-unit complex in the Minneapolis suburb of Coon Rapids. Gaughan Cos. sold the asset to a local private investor for an undisclosed price. Oakmont Apartments was built in 1974. The property offers studio, one- and two-bedroom floor plans. Amenities include an on-site laundry facility, garage parking. JLL facilitated the sale of Oakmont Apartments as part of Gaughan’s larger Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. Josh Talberg and Bill Mork led the JLL …

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Avery Park in Maple Grove, Minnesota
Build-to-RentInvestment SalesMidwestMinnesotaNews

CBRE Brokers Sale of 124-Unit Build-to-Rent Community in Minneapolis Suburb

by Channing Hamilton

MAPLE GROVE, MINN. — CBRE has arranged the sale of Avery Park, a 124-unit build-to-rent community in the northwestern Minneapolis suburb of Maple Grove. Avery Park offers 42 detached homes averaging 2,262 square feet and 82 townhomes averaging 1,687 square feet. The property was completed in 2023. Curtis Capital Group purchased the asset for an undisclosed price. Ted Abramson, Keith Collins and Abe Appert of CBRE represented the seller, which was also not disclosed.

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DevelopmentFinanceMidwestMinnesotaNews

Mirate Equity Provides $27.5 Million Loan for Construction of Maple Grove Residences in Hennepin County, Minnesota

by Channing Hamilton

HENNEPIN COUNTY, MINN. — Mirate Equity LLC has approved a $27.5 million loan for the construction of Maple Grove Residences, a community in Hennepin County. Maple Grove Residences will offer a mix of one-, two- and three-bedroom apartments. Planned amenities include a fitness center, community garden and green spaces. Northern Builder LLC was the borrower. A development timeline for the project was not disclosed.

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Investment SalesMidwestMinnesotaNews

Marcus & Millichap Brokers Sale of First Avenue Apartments in Minneapolis

by Channing Hamilton

MINNEAPOLIS — Marcus & Millichap has arranged the sale of First Avenue Apartments, a 52-unit property in Minneapolis. The sales price was not disclosed. First Avenue Apartments was constructed in 1917 and 1919. The asset comprises two neighboring buildings located on First Avenue within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller in the deal, both of which requested anonymity. 

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