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Private Capital Competes for TC Apartments

MINNEAPOLIS-Recent sales include the 121-unit LaSalle Apartments in Minneapolis and the 336-unit Summit Park Apartments in Burnsville.

By Danielle Anderson | Updated on December 11, 2006

(To read more on the multifamily market, click here.)

MINNEAPOLIS-Private capital continues to compete aggressively for Twin Cities multifamily properties, especially for well-located assets under the radar of the institutional buyer, Keith Collins, a CB Richard Ellis vice president, tells GlobeSt.com. “Pricing remains aggressive for class A, and well-located class B and C properties in the Twin Cities,” he adds. “Cap rates remain very low for these property types as well.”

Collins recently marketed and sold two Twin Cities properties–the 121-unit LaSalle Apartments in Minneapolis and the 336-unit Summit Park Apartments in Burnsville. Bloomington-based TE Miller Development purchased LaSalle Apartments from Englewood, CO-based Archstone-Smith for $11.55 million, or about $95,000 per unit. Summit Park Apartments was purchased by Parkridge, IL-based Town Management from New York-based Sentinel Real Estate Corp. for $21.7 million, or about $65,000 per unit.

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