By Gabriel Circiog, Associate Editor
Located in St. Louis Park, Minn., the property was acquired for $22.7 million by Charleston, S.C.-based Greystar Real Estate Partners, according to Keith Collins, a broker at CBRE Group, who together with Abe Appert represented Greystar.
Developed in 1987 by Dominium, Newport on Seven features 167 apartments, and amenities include underground parking, a fitness center, an outdoor pool and community rooms. Dominium announced the sale was a strategic decision, as the company plans to reinvest and expand its portfolio in the Minneapolis / St. Paul area.
Dominium is currently renovating three historic structures: The Schmidt Brewery in St. Paul and The Buzza building and Pillsbury A Mill in Minneapolis. As previously reported by Commercial Property Executive, Dominium is in the process of a $100 million conversion of the Pillsbury A Mill complex into affordable housing for artists. The company is also involved in the renovation of The Metropolitan Artist Lofts, a 72-unit complex located in St. Louis, Mo.
“We have identified certain assets that we feel have reached their useful life cycle for our partners,” said Brendt Rusten, senior vice president at Dominium “We are bringing these properties to market, and the equity is being redeployed in new communities that fit our long-term business plan. It is about balancing our portfolio while continuing our growth.”
With the acquisition of Newport on Seven, Greystar continues its investment in the Twin Cities multifamily market, following the 2011 acquisition of the 500-unit Park Place Apartments in Plymouth. The company is also currently developing a housing project in Minneapolis on the Bennett Lumber site.
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