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Finance and Commerce
Just Sold: Small-scale MOD42 Apartments draw $3.7M
By Anne Bretts,
2024-05-07
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, Catylist and other research.
MOD42 Apartments, a small-scale, 30-unit urban rental project in the Standish Ericsson neighborhood of Minneapolis, has sold to a private investor in Stillwater for nearly $3.7 million.
MOD42 Apartments LLC closed May 1 on the acquisition from 42nd Street Apartments, an entity related to Lake Harriet Development LLC in Plymouth. The three-story building sits at 3115 42nd St. E., on the southwest corner of 32nd Avenue South and 42nd Street.
The corner was home to Minnehaha Church of Christ from 1911 until 2011, when a fire destroyed it.
The new building was designed by Minneapolis-based DJR Architecture Inc. with studio and one-bedroom units averaging 461 square feet. That required a variance from the city minimum of 500 square feet. MOD42 offers indoor parking for bikes but not vehicles.
The price works out to $122,167 per unit,
The average sales price per unit for apartments in the Twin Cities metro area is $153,695, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 85,716 apartment units since Aug. 31, 2011.
Maple Grove-based TopLine Financial Credit Union has paid Minneapolis-based TruStone Financial Credit Union $1.95 million for this bank building at 11121 Fountains Drive in Maple Grove. (Submitted photo: TaTonka Real Estate Advisors)
Two years after a credit union merger left a relatively new branch in Maple Grove unneeded, a rival is turning the lights back on.
Maple Grove-based TopLine Financial Credit Union has paid Minneapolis-based TruStone Financial Credit Union $1.95 million in cash for a 3,340-square-foot bank building at 11121 Fountains Drive in Maple Grove. The price works out to $583.83 per square foot.
The former Firefly Federal Credit Union developed the building in 2016 on 1.3 acres. Firefly merged in 2021 with TruStone, which has a branch a mile away.
Tim Stewart and Bradley Mateer represented TruStone in shedding the extra property. They listed the building for $2.4 million. It was on the market for 622 days.
Place: 11121 Fountains Drive, Maple Grove
Price: $1.95 million; cash; $583.83 per square foot
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