New Minneapolis Community Trades for $25M
- Jun 03, 2019
D.H. Gustafson Co. has purchased a 110-unit community in northeast Minneapolis. Mezzo changed hands for $25.3 million, with JLL originating $16.2 million in Fannie Mae financing in mid-May, according to Yardi Matrix data. Roers Cos. is the former owner of the asset that includes 1,000 square feet of retail space.
Located at 1331 Marshall Street N.E. in the Northeast Arts District, Mezzo is less than 2 miles from Stone Arch Bridge and downtown Minneapolis. Completed in 2018, the six-story building encompasses studios and one- and two-bedroom apartments, ranging between 500 and 1,114 square feet. Amenities include:
- 110 bike parking spots
- coffee bar
- indoor and outdoor skydeck
- fitness center
- coworking lobby
- pet wash
- rooftop terrace
Recently, JLL originated another Fannie Mae loan, which MLP Investments and Vesta Realty used to purchase Briarwood Apartments, a 280-unit Class B community in Little Rock, Ark. The property traded for $13.6 million.