Just Sold: Former tenant buys 74-unit Ventura Flats

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.

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When Abdi Mahamed was in college, he lived for a year or so in the Ventura Flats apartments at 1818 14th Ave. S. in Minneapolis.

Now a social worker and fledgling landlord, he just bought the 74-unit building.

An entity related to Mahamed paid the two private owners in two transactions totaling $4.825 million. It’s the biggest acquisition so far for the entrepreneur who moved here from Kenya with his family in 1999 and by 2006 had graduated from Southwest High School and headed to college. Today he owns a handful of small outstate rental properties, but he always kept an eye on Ventura Flats.



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Michel Commercial represented the sellers, but Mahamed is proud that he negotiated on his own, working with the local partner who was his landlord years ago.

The two-story building, formerly known as Apple Square Apartments, was built in 1967 on a 0.86-acre lot.

The sale closed May 31 at a price works out to $65,203 per unit. The average sale price per unit for apartments in the Twin Cities metro area is $153,715, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 86,808 apartment units since Aug. 31, 2011.

Place: 1818 14th Ave. S., Minneapolis

Price: $3,618,750; $1,143,750 down payment; new mortgage;

Buyer: Punt Apartments LLC, Minneapolis

Seller: Apple Square Apartments LLC, Tampa, Florida

Date: 5-31-24

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Place: 1818 14th Ave. S., Minneapolis

Price: $1,206,250; $381,250 down payment; new mortgage

Buyer: Punt Apartments LLC, Minneapolis

Seller: Ventura Flats LLC, Minneapolis

Date: 5-31-24

Download CRV

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