CBRE Arranges Minneapolis Luxury Community Sale
- Sep 16, 2020
CBRE has arranged the sale of Grain Belt Apartments, a 150-unit luxury property in Minneapolis, a metro where the multifamily market has remained resilient despite the pandemic. Keith Collins, Abe Appert and Ted Abramson negotiated on behalf of the seller, Everwood Co. Everwood built the community as part of the redevelopment of the historic Grain Belt site, the city’s first brewery.
Completed in 2015, Grain Belt Apartments consists of two four-story buildings connected by an underground parking garage at 1215 Marshall St. NE. The unit mix consists of studio, one-, two- and three-bedroom floorplans averaging 907 square feet. Amenities include a fitness center, business center, clubhouse and dog park.
According to CBRE, the property incorporates some elements of the former brewery such as the Grain Belt Bottling House, which was converted to community space, and the original brewpub, transformed into the Friendship Room.
Located just east of Interstate 94, the 3-acre property is some 3 miles from downtown Minneapolis within the Northeast submarket, near the eastern banks of the Mississippi River. The surrounding area has a variety of shopping, dining and cultural venues.