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Investors Flock to Apartment Buildings in Twin Cities

BLOOMINGTON, MN-United Properties says real estate investment market is in flux in the Twin Cities following a year that saw Heritage REIT acquire Boston-based Bradley REIT.

By Jim McCartney | Updated on February 08, 2001

BLOOMINGTON, MN-The Twin Cities real estate investment market is in a state of flux, with attention shifting to multifamily housing, according to a new report on the commercial real estate market from United Properties. One event that took the Twin Cities commercial real estate industry by surprise last year was the Heritage REIT’s acquisition of Boston-based Bradley REIT, which has an extensive portfolio of retail properties in the Twin Cities, including Har Mar Mall and SunRay Shopping Center.

The purchase stood out in a year where there was relatively little consolidation in thereal estate investment industry. Given the trend of REITs to sell off “non-strategic” assets, industry observers wonder which properties might go on the block this year, according to officials at Bloomington, MN-based United.

Demand far exceeds supply for apartment buildings, the report concludes. Many investors believe that the multi-housing market is in the initial stages of a development phase, and that the market is short on supply.

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