Bigos Management Acquires Minneapolis Property

Previously known as Via Sol, this mixed-income asset has been rebranded as Zelia on Seven.

Zelia on Seven

Via Sol, now known as Zelia on Seven, is situated outside Minneapolis. Image courtesy of Marcus & Millichap

Bigos Management, a Minneapolis-based real estate development and property management firm, has acquired Via Sol, a five-story, 217-unit partially affordable multifamily community in St. Louis Park, Minn., for $33.25 million. Marcus & Millichap brokered the sale of the multifamily asset, which has since been renamed Zelia on Seven.

Abe Roberts, senior vice president, investments, at Marcus & Millichap, and head of the Roberts Group of Marcus & Millichap in Minneapolis, and Institutional Property Advisors’ Will Balthrope and Drew Garza represented the seller, PLACE E-Generation One. The trio also procured the buyer. Bigos was represented by Will Tansey of the Felhaber Larson law firm. Maxwell Bay Advisors, an entity related to PLACE and a court-appointed receiver for the property, was represented by Jeff Jones of the Fabyanske, Westra, Hart and Thomson law firm. Jon Ruzicka is Marcus & Millichap’s broker of record in Minnesota.

PLACE, a Minneapolis nonprofit, was the developer of the 3.38-acre property at 5855 State Highway 7. However, the developer had trouble leasing the property and had fallen behind in loan payments, according to reporting by Finance & Commerce, a daily business newspaper focused on the Twin Cities and Rochester, Minn. Finance & Commerce, which was the first to report the sale price, noted the property cost about $88.4 million to develop.

Adam Neuman of Bigos Management said, in a prepared statement, that the firm has a long history in St. Louis Park and looks forward to making improvements to the newly rebranded asset by adding parking, a pool, lounge area and top-of-the-line amenity package. Neuman, who noted Bigos owns and manages more than 10,000 apartments across the Twin Cities, said Bigos is excited to have acquired a newly built property in a great location and community. Roberts noted the property drew interest from investors across the country, resulting in 16 bids.

Right outside Minneapolis

The asset, which has 5,200 square feet of retail space, was completed in 2022. It was built with sustainable and efficient infrastructure, including electric vehicle charging stations. The property has 152 affordable units and 65 market-rate apartments. There is a mix of studios and one-, two-, three– and four-bedroom floorplans ranging in size from 422 to 1,560 square feet with an average of 677 square feet. Rents range from $1,477 to $2,894 with an average of $1,958, according to YardiMatrix data.

The apartments have dishwashers and walk-in closets. Select units have balconies, washers and dryers. All units have digital locks, high-speed internet access and above standard ceiling heights. Community amenities include an urban art forest, rooftop terrace, fitness center, laundry facilities, community room and playground. There are 220 parking spaces.

The property is less than 5 miles from central Minneapolis. There are several Fortune 500 companies with headquarter nearby including United Health Group, Target, Best Buy and U.S. Bancorp. Minneapolis-Saint Paul International Airport and the Mall of America are in close proximity.

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