MINNEAPOLIS—Investors from both coasts have started seeking out more deals in secondary markets. Therefore, it was not surprising that Goodman Real Estate, a Seattle-based real estate investment company, bought the Riverwalk Townhomes and Flats, an apartment and office condo property located in the North Loop neighborhood in Minneapolis, shortly after it hit the market.
The $19.2 million sale closed last Friday, and included 96 apartment units and 10,000 square feet of office condo space.
The opportunity to own an asset in the vibrant North Loop, especially one with brick-and-timber construction, attracted 19 offers in just three weeks, including six from out-of-state investors, according to Lance Steiger of Cushman & Wakefield. Along with C&W's Robert Dulin, he represented the seller, the James Stanton Estate.
“This happens to be a unique building in that neighborhood,” Steiger tells GlobeSt.com. The North Loop contains many relatively new condo and apartment units, but Riverwalk was originally constructed as a freighthouse for Northwestern Railroad. It underwent a renovation in 1986 and now features 40 townhouse-style units and 56 flats.
And the neighborhood itself was also an important selling point. Residents can walk just four blocks and reach the downtown Skyway, an easy commute to one of the nation's top job markets. The Twin Cities area has one of the lowest unemployment rates in the US, a dense collection of Fortune 500 firms, and has emerged as a high-tech center.
Minneapolis “has been one of the tightest markets in the country for years,” Steiger adds, with vacancy rates of less than three percent. And although developers have launched a number of new projects to satisfy the demand, “we've never been considered overbuilt.”
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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.
