Just Sold: Roers starts work on Burnsville apartments
By Anne Bretts,
22 hours ago
Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catalyst and other research.
Plymouth-based Roers Cos. has bought and demolished two office buildings to create a 4.47-acre site for Volta, a 172-unit affordable apartment project in Burnsville’s Heart of the City area.
Roers created the new lot at 175 Burnsville Parkway W. by paying two private investors a total of $5,037,900 for the buildings at 151 and 201 Burnsville Parkway, according to certificates of real estate value filed with the Minnesota Department of Revenue. Both selling entities were registered to private homes.
As Finance & Commerce reported when the Burnsville City Council approved the project in June, Volta will be a building with four stories of apartments, one level of below-grade parking, and amenities such as fitness and community rooms. The plans, created by Kaas Wilson Architects in Minneapolis, include an outdoor dog run, a playground and a large rooftop deck.
Roers representatives told city officials the project will use 4% Low Income Housing Tax Credits, with units restricted to renters at 60% of the area median income in Dakota County.
Place: 151 Burnsville Parkway, Burnsville
Price: $2,737,900; no down payment listed; new mortgage
Second Street Lofts, 129 N. Second St. in Minneapolis, is an industrial building that was converted to three floors of offices with 45 apartments above. (Submitted photo: Northmarq)
North Loop’s Second Street Lofts sold for $8.58M
Second Street Lofts, an industrial building that opened in 1916 and later was converted to three floors of offices with 45 apartments above, has sold for $8.58 million.
An entity related to Heartland Realty Investors Inc. in Minneapolis sold the building to an entity related to Randolph Street Realty Capital in Chicago. Heartland bought the property in 2015 for $9.15 million.
A team from the Bloomington office of Northmarq put the deal together. Managing directors Ted Bickel and Jeff Budish and senior associate Dylan Steman had the listing, while debt and equity were handled by Pat Minea, executive managing director, Dan Trebil, regional managing director, and Andy Finn, senior director.
“We see North Loop and the Warehouse District as a bright spotfor investors in greater Minneapolis, with strong renter demand and healthy rent growth boosted by active streetscapes and nightlife no different than pre-pandemic years,” Bickel said in an email interview. He didn’t share any information about the buyer, but said plans include converting more office space to apartments.
The current price works out to $190,667 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $154,495, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 90,317 apartment units since Aug. 31, 2011.
Place: 129 N. Second St., Minneapolis
Price: $8,580,000; $2,530,000 down payment;
Buyer: RSRC Second Street LLC, St. Louis Park
Seller: Heartland Second Street LP, c/o Heartland Investors Inc., Minneapolis
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