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Finance and Commerce
Just Sold: Emergency shelter adds apartments
By Anne Bretts,
2024-05-10
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.
St. Paul-based Women’s Advocates, which 50 years ago opened the nation’s first emergency shelter for survivors of domestic violence, is marking a new milestone.
The nonprofit has purchased two vintage apartment buildings with a total of 39 units, which will be renovated to double the shelter’s total capacity. It has raised about 60% of its total $14.25 million capital campaign goal.
Jake De Vera, Women’s Advocates’ director of development & community-based programs, explained that the project will expand the shelter’s ability to meet the needs of a variety of clients.
The organization closed April 30 on the $4.318 million acquisition of the buildings on Cleveland Avenue North from an entity related to Minneapolis-based Mint Properties. Mint owners Jim and Laura Rubin were very generous in the pricing and terms of the sale, De Vera said. The project earned a grant of $8.7 million from Minnesota Office of Economic Opportunity and has generated over $400,000 in private donations.
The project description on the shelter website indicates it will create 19 new apartmentstotaling 58 beds.The buildings will offer a mix of ADA-compliant one-, two- and three-bedroom units, providing diverse accommodations for survivors of all genders, sexualities, and abilities.
The sale price for the buildings works out to $110,718 per unit. The average sale 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.
The Union Gospel Mission Association closed April 18 on the cash purchase of this three-story building at 910 Forest St. in St. Paul. (Submitted photo: Sam Steadman Re/Max Results)
The Union Gospel Mission Association of the Twin Cities has added 19 units of existing affordable housing in St. Paul to its portfolio with the purchase of a midcentury apartment building for $1.6 million.
The nonprofit closed April 18 on the cash purchase of the three-story building, developed in 1963 on 0.46 acres at 910 Forest St. The price works out $84,500 per unit.
The seller, identified as MPH Forrest LLC, acquired the property in 2019 for $1,458,000.
Sam Steadman of RE/MAX Results in Minneapolis represented the sellers, whom he described as private investors in California involved in a 1031 exchange.
Place: 910 Forest St., St. Paul
Price: $1,605,500; cash; 1031 exchange; $84,500 per unit
Buyer: The Union Gospel Mission Association of St. Paul
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