MINNEAPOLIS—Calvera Partners recently acquired Grant Street Commons, an 85-unit apartment building located at 515 E. Grant St. in downtown Minneapolis' Elliot Park neighborhood. The $11.375 million deal is the first in San Francisco-based Calvera's national expansion, and a sign that Minneapolis has become one of the go-to locations for investors interested in emerging urban markets.
The city has a booming office market, and young renters, many in the tech industry, have flocked to neighborhoods adjacent to the downtown.
“Elliot Park is an emerging neighborhood in that more development is on the horizon,” Brian Milovich, managing principal at Calvera Partners, tells GlobeSt.com. “With the recent addition of US Bank Stadium, a major hospital expansion, condo towers, office buildings, and a hotel, this property is located in a location where we can be a part of this change.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
