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164-Unit Commons Apartments Sells for $31M

MINNEAPOLIS-The 1031 exchange deal was orchestrated by Evergreen Development for 24 investors. The seller of the apartment building near the University of Minnesota is Jefferson Commons-Minneapolis LP.

By Jim McCartney | Updated on November 28, 2004

MINNEAPOLIS-Fulton Avenue Commons Apartments, a 164-unit garden apartment primarily intended for student housing near the University of Minnesota, recently sold for $31.1 million in a 1031 exchange deal. Pasadena, CA-based Evergreen Development LLC recently bought the multifamily complex for 24 tenant-in-common investors from Jefferson Commons-Minneapolis, LP.

Fulton Avenue Commons is located at 609 Huron Blvd. SE about one mile from the edge of the University of Minnesota campus in Minneapolis. Recent occupancy at the 164-unit, 480-bed luxury student apartment community is 93%, Evergreen says.

There are four four-story buildings containing furnished 16 one-bedroom units, 64 two-bedroom units and 84 four-bedroom units with full built-in appliances, including individual washers and dryers. Units range between 501 sf and 1,205 sf. The buildings were constructed in 2003 on 4.2 acres and have 200,703 sf of space. Amenities include an outdoor heated spa, a sheltered bicycle storage building, a fitness facility, a billiards/game room, an exterior fireplace with grill, a business center with seven workstations and a clubhouse.

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