listen to this articleEditor's note: “Just Sold” is a financial and commercial report based on the most recent property value certificates filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota, as well as sales reports from across the country involving local parties. This is a special feature. Research includes corporate and brokerage documents, online real estate listings, F&C archives, Catalyst and other research.
Two private buyers looking to complete 1,031 exchanges found what they needed in two unrelated apartment acquisitions from Minot, North Dakota-based Centerspace's Twin Cities portfolio.
Both leap year transactions ended on February 29th. In one deal, Wingate Apartments LLC of Brooklyn Park paid $12.8 million for the 136-unit Wingate Apartments at 7700 49th Ave. N. in New Hope. The seller was CSR-Wingate Realty LLC, an entity of his Centerspace office in Minneapolis.
In the second transaction, Southdale Park LLC of St. Louis Park paid CSR Southdale Park LLC $6.2 million for the 69-unit Southdale Park Apartments at 2720 66th St. W. in Litchfield .
Developed in 1967 on a 7.53-acre site and renovated in 2015, Wingate includes one- and two-bedroom units in four three-story Class C buildings.
Developed in 1962 on a 1.77-acre site, Southdale Park includes three Class C buildings with one-bedroom units.
Centerspace bought Wingate in 2021 for $14.2 million and Park Southdale in the same year for $8.7 million, according to state real estate sales records.
The Business Journal reported at the time that they were part of a $323.8 million portfolio acquisition from St. Louis Park-based KMS Management, which included 19 apartment properties in the Twin Cities and St. Cloud. It was reported that it was included.
The JLL Capital Markets investment sales advisory team was led by Managing Directors Dan Linnell, Mox Gunderson and Josh Thalberg, Senior Director Adam Haydon and Director Devon Dvorak. Shortly after the sale closed, all but Dvorak and Thalberg left his JLL and moved to Colliers.
“It was an honor to work with the Center Space team on these transactions,” Linnell said in a press release announcing the sale. “We received strong interest from both local and national players when marketing these assets. It is great to see two local owner-operators win these deals.”
The release did not include financial details or the identity of the purchaser.
Prices range from $94,118 per unit in Wingate to $89,855 per unit in Park Southdale. His average sales price per unit for apartments in the Twin Cities metropolitan area is $153,824, according to Finance-commerce.com's Finance & Commerce Apartment Sales Tracker. This tracker has recorded 84,844 apartment sales since August 31, 2011.
place: 7700 49th Ave. N., New Hope
price: $12.8 million. Down payment of $3.2 million. new mortgage. 1031 exchange. $94,118 per unit
buyer: Wingate Apartments LLC, Brooklyn Park
seller: CSR-Wingate Realty LLC, Minneapolis
date: 2-29-24
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place: 2720 66th St. W., Litchfield
price: 6.2 million dollars. Down payment of $1.75 million. new mortgage. 1031 exchange.$89,855 per unit
buyer: Southdale Park LLC, St. Louis Park
seller: CSR-Southdale Parc LLC, Minneapolis
date: 2-29-24
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