NordHaus in Northeast Minneapolis sells for $74 million
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Annotated by Nicholas Mills
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A 280-unit apartment complex in Northeast Minneapolis has sold for $74.25 million.
An entity tied to Trinity Property Consultants, an affiliate of FPA Multifamily, purchased the Nordhaus community June 27, according to a public real estate filing with the Minnesota Department of Revenue.
The seller is an entity tied to Charlotte, North Carolina-based Quarterra Multifamily, a subsidiary of Miami-based Lennar Corp. (NYSE: LEN).
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Lennar completed NordHaus, which includes a 20-story tower and a shorter accompanying building, in 2018.
Located at 315 First Ave. NE., the community has amenities like a lounge, fitness center, pet park, meeting and hobby rooms, an outdoor pool deck with grilling stations and a year-round hot tub, according to its website. Retail tenants include Vellee restaurant and Studio Me Fitness.
A subsidiary of Lennar still owns the second phase of the development next-door, called the Odin, according to Hennepin County property records. This 335-unit apartment community includes a 12-story tower and 5-story building. The second phase was initially supposed to be taller, but the company opted to scale it down, citing construction costs as a factor.
A person who answered the phone for Trinity Property Consultants declined to comment. Representatives for FPA Multifamily and Quarterra could not immediately be reached for comment.
JLL Capital Markets’ team, including Josh Talberg, based in Minneapolis, helped facilitate the sale on the seller side.
Quarterra recently offloaded apartment properties in other areas of the U.S. New York-based investment firm KKR announced last week it had purchased a portfolio of buildings constructed by Quarterra for $2.1 billion.
The sale is among the latest high-profile, high-priced apartment sales that Minneapolis has experienced in the past year. Another in Northeast was The Expo, which Bigos Management Inc. and Oak Grove Capital Inc. purchased for $120 million late last year. In downtown Minneapolis, Weidner Apartment Homes purchased 4Marq earlier this year for $53 million and The Nic on Fifth for $70 million in the fall.
Biggest Commercial Real Estate Sales in the Twin Cities in 2023
Sale price
| Rank | Prior Rank | Date closed |
|---|---|---|
| 1 | 1 | RBC Gateway office space, parking - 07/19/2023 |
| 2 | 2 | The Expo - 12/29/2023 |
| 3 | 3 | Uptown apartment portfolio - 09/19/2023 |
Deadline: Friday, July 26, 2024
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