The property features a swimming pool, sundeck, picnic areas complete with gas grills, a party room with full kitchen, laundry facilities in each building, storage units and underground heated garages with a car wash area. The property is managed by Healey Ramme Inc. Philip Jaffe of CB Richard Ellis represented Rreef in the deal.
The multifamily vacancy rate in the Twin Cities has gone up to 7% from 5.2% a year ago, according to a new report on the Twin Cities real estate market from Colliers Turley Martin Tucker. Despite this softness in the Twin Cities apartment market caused by a boom in supply and continuing trend toward home ownership, the market has still proven attractive to investors, according to the report. The report says capitalization rates for newer projects are in the low 7% range, and move up to 8% for projects from 10 years old to 15 years old.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
