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.
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.
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.
RICHFIELD AND NEW HOPE, MINN. — JLL Capital Markets has arranged the sale of two communities in the Minneapolis metropolitan area, including Southdale Parc Apartments in Richfield and Wingate Apartments in New Hope. Centerspace was the seller. JLL worked on behalf of the seller and procured the buyers, both local private investors. Southdale Parc Apartments was built in 1962. The property comprises 69 one-bedroom units and offers amenities such as laundry facilities, smart package lockers, green spaces and on-site parking. Built in 1967, Wingate Apartments offers 136 apartments. Units come in …
DULUTH, MINN. — Kraus-Anderson Duluth has completed Zenith DCHS, a $34.9 million adaptive reuse project in downtown Duluth. The project converted the Historic Old Central High School into 122 apartments. The building was originally constructed in 1892 as Duluth Central High School and is listed on the National Register of Historic Places. The converted building was designed by AWH Architects and is owned by Saturday Properties. The four-story building offers amenities such as a fitness center, sauna, coworking space, auditorium and workshop, and also boasts the city’s landmark clock tower.
ST. PAUL, MINN. — JLL has negotiated the sale of and acquisition financing for The Cosmopolitan Apartments, a 258-unit community located in St. Paul’s historic Lowertown neighborhood. Bigos Management acquired the property from AEW Capital Management for an undisclosed price. JLL represented the seller in the deal. Will Tansey of Felhaber Larson law firm represented the buyer. The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck and McConville Dry Goods Company building in 1911. The building was converted into apartments in 1989, and has since undergone $8 million …
CHASKA, MINN. — Continental Properties has opened Springs at McKnight Lake, a 280-unit asset in the Minneapolis suburb of Chaska. Situated at 3 Oakridge Drive on the slopes overlooking McKnight Lake, Springs at McKnight Lake provides residents with a direct path to trails and water activities. The community offers studio, one-, two- and three-bedroom units. Amenities include a pool, clubhouse, outdoor grill area, fitness center, car care area and two dog parks.
ST. PAUL, MINN. — Dominium has completed the final phase of Upper Post Flats, an affordable housing project that repurposed buildings at the historic Fort Snelling site in St. Paul. The complex was developed as part of a public-private partnership that included the site’s owner, the Minnesota Department of Natural Resources, the National Park Service, Hennepin County, Minneapolis Park and Recreation Board and the Minnesota Historical Society, which operated the historic fort. Minneapolis-based BKV Group served as the architect. The site comprised 26 buildings across 42 acres, including barracks, an …
ST. LOUIS PARK, MINN. — Marcus & Millichap has brokered the sale of Via Sol, a 217-unit property in St. Louis Park. Via Sol was built in 2022 and offers amenities such as an urban art forest, rooftop terrace, fitness center, and underground parking. Bigos-Via Sol LLC acquired the asset from Place E-Generation One LLC. Abe Roberts, head of the Roberts Group of Marcus & Millichap in Minneapolis, along with IPA’s Will Balthrope and Drew Garza, represented the seller in the deal. Will Tansey of the Felhaber Larson law firm …
INVER GROVE HEIGHTS, MINN. — JLL Capital Markets has arranged $60.1 million in mezzanine and construction financing for Avalon Apartments and Townhomes, a 244-unit complex in the southeast Minneapolis suburb of Inver Grove Heights. JLL worked on behalf of the borrower, Trident Development, to secure the $45 million construction loan from Alerus. Additionally, JLL sourced $15.1 million in mezzanine financing through Centerspace. Dan Linnell, Scott Loving, Josh Talberg and Mox Gunderson led the JLL Capital Markets Advisory Team. Avalon Apartments and Townhomes will offer 190 apartments and 54 townhomes. The unit …
