CAPREIT Sells 112-Unit Minneapolis Community
Built in 2005, the 112-unit Minneapolis Grand comprises two four-story buildings featuring a club room, a fitness center and 130 parking spaces.
By Alex Ciorogar
A Grand Rapids, Mich.-based company has bought Minneapolis Grand, a 112-unit community in Minneapolis.
Built in 2005, the property comprises two four-story buildings located at 2401 S. Chicago Ave. and features a mix of studio, one- and two-bedroom units with an average size of 833 square feet. The asset was previously subject to a $9 million acquisition and construction loan held by Fifth Third Bank.
CBRE Executive Vice President Keith Collins, Vice President Abe Appert, Senior Vice President Ted Abramson and Ike Hoffman, financial analyst, represented the seller, CAP/SP Minneapolis Grand Apartments LLC—an entity related to CAPREIT—in the transaction.
Interior amenities include washers, dryers and dual-pane glass windows. Common-area amenities include:
- club room
- controlled access
- fitness center
- business center
- 130 parking spaces
- resident lounge
- heated underground parking
Abbott Northwestern Hospital and Children’s Hospital of Minneapolis are both located nearby. Interstates 90 and 94 are also easily accessible from the property.
Image courtesy of CBRE