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Irving School Apartments in Duluth, Minnesota
MidwestMinnesotaNews

High Point Holdings Acquires $3.7 Million Historic Irving School Apartments in Duluth, Minnesota

by Channing Hamilton

DULUTH, MINN. — High Point Holdings LLC has acquired Irving School Apartments from Sherman Associates for $3.65 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets led the team representing the seller. Irving School Apartments is a historic, 44-unit community in Duluth, which is a port city on Lake Superior in Minnesota. The property was built in 1895 and is known for its tall chimney. Irving School Apartments offers expansive studio, one-, two- and three-bedroom units.

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The pool at Urbana Court, a multifamily property in Brooklyn Park.
Investment SalesMidwestMinnesotaNews

Turner Impact Capital Acquires Urbana Court in Minneapolis Suburb

by Channing Hamilton

BROOKLYN PARK, MINN. — Trident Development has sold Urbana Court to Turner Impact Capital for an undisclosed price. Urbana Court is a 207-unit community in the northern Minneapolis suburb of Brooklyn Park. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller in the transaction. Urbana Court was completed in 2021. Located in Brooklyn Park’s Twin Cities medical alley, the property offers studio, one- and two-bedroom units. Community amenities include a pool with a pool house, fitness center, pickleball courts and a dog park.

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A 3D render of the Edition in Minneapolis.
Market ReportsMidwestMinnesota

National Investors Bullish on Minneapolis Market

by Channing Hamilton

The downtown Minneapolis apartment market continues to rebound from the COVID-19 pandemic’s lingering effects and the civil unrest that occurred following the murder of George Floyd in May 2020. A growing number of residents who fled to the suburbs during that tumultuous year have returned to the city. More broadly speaking, apartment rental demand is up across the metro area, rents have hit an all-time high, and occupancy rates have remained steady in the mid-90s percentagewise. Perhaps best of all for investors is that cap rates in the Minneapolis market …

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Company NewsMidwestMinnesotaNews

Anne Olson Replaces Mark Decker as Centerspace CEO

by Lynn Peisner

MINNEAPOLIS — Anne Olson will replace Mark Decker as chief executive officer of Centerspace (NYSE:CSR). Decker has been CEO since 2017. The board of directors appointed Olson, who is the company’s executive vice president, chief operating officer and general counsel. With Olson’s title change, she will also become a member of the Centerspace board. Decker will continue to serve on the board through the end of his current term in May and will remain an advisor to the company. Olson’s position will become official on March 31. Olson joined Centerspace …

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Investment SalesMidwestMinnesotaNebraskaNews

Centerspace Sells Nine Properties in Minnesota and Nebraska for $144.3 million

by Channing Hamilton

MINOT, N.D. — Minot-based developer Centerspace (NYSE: CSR) has sold nine properties in Minnesota and Nebraska to an undisclosed buyer for a total $144.3 million. The transaction included four communities (692 units) in St. Cloud, Minnesota, two communities (498 units) in the Omaha-Lincoln market in Nebraska and three communities (377 units) in the Minneapolis-St. Paul market. CBRE brokered the sale of the Minnesota communities, while MMG Real Estate Advisors brokered the sale of the communities in Nebraska.

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