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 …
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 …
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 …
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.
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