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WilliamRobert William J. Cullen and Robert L. Colwell have over 30 years of experience in the Minnesota Multi-Family business. Our experience, database of active Buyers and hard work assure that Multi-Family property owners get the most money for their asset while protecting their on-site staff and residents from Buyer inquiries. Industry News Landscape expands for artist housing The stereotype of the poor, starving artist living in a dump may soon be out of fashion. In fact, it's a good time to be an artist looking for affordable living space in the Twin Cities. 20-Somethings Emerging From Their Parents' Basement Will Keep American Apartment Demand Robust Despite some signs of overbuilding, America's apartment rental market will remain robust as 20-somethings begin to move out of their parents' homes, Wells Fargo's Anika Kahn wrtites in a new note. Since the recession, there's actually been a substantial boom in in multi-family housing starts. The surge didn't emerge out of nowhere: Khan says demand has moved at a "breakneck" pace since 2010, fueled by tighter lending standards for home loans and slowly recovering household formation. Twin Cities rentals fill fast, and rents keep rising Though hundreds of apartments have hit the market - creating plenty of supply - rents are going nowhere but up. The average rent arcoss the metro area rose 3.5 percent to $984 during the third quarter, according to a report released Monday by Marequette Advisors Apartment Sale is metro's largest in two years The 361-unit Stoneleigh at the Reserve Apartments in Plymouth sold for $53 Million last week. It was the largest apartment transaction in the Minneapolis-St. Paul area in the past two years. Inside View: Ted Bigos, Bigos Management Minneapolis native Ted Bigos started buying and fixing up rundown apartment buildings during college. Forty years later his Golden Valley-based Bigos Management - with 42 properties and 8000 units - is one of the largest apartment owners in the Twin Cities. Trendy local apartment projects get highlighted in New York Times story A recent New York Times story highlights the state of the national real estate market by looking to Minneapolis. The city's trendy North Loop neighborhood has seen plenty of development in the last year, with new apartments filling up fast. Booming market drives up rents and squeezes out renters The apartment boom underway in the Twin Cities is adding thousands of rentals across the metro area, from lavish lofts to trendy units inspired by feng shui. Only problem is, many people can’t afford them. Twin Cities rental housing market tightens The market for rental housing in the Twin Cities in the second quarter of the year was even tighter than it was a year ago, according to data compiled by Marquette Advisors on behalf of the Minnesota housing partnership. It's Business-as-Usual in Minneapolis Apartments The latest apartment performance stats in Minneapolis-St. Paul look a lot like the long-term historical norms. That’s both good news and bad news. The good news is that Minneapolis apartments are jam-packed full. Occupancy here registered at 97.6%. MBA's second quarter commercial/multifamily delinquency rates report Today Mortgage Bankers Association released their second quarter commercial/multifamily delinquency rates report. The report shows that delinquency rates for commercial and multifamily mortgage loans declined in the second quarter of 2013. Commercial and multifamily loan performance continued to improve during the second quarter, with delinquency rates falling for every major investor group. The quarterly decline in the delinquency rate of loans held in commercial mortgage-backed securities (CMBS) was the largest on record, and delinquency rates for loans held by life companies and the GSEs remain low and fell lower during the quarter. MBA's Commercial/Multifamily Delinquency Rates report is available for download, at MBA's web site. Despite a barrage of new apartments, demand continues to outstrip new supply Depite a barrage of new apartments in the Twin Cities metro, renters still don't have the upper-hand. A new report from Marquette Advisors shows that the average vacancy rate in the 13-county metro fell 50 basis points to 2.3 percent, causing rents to increase 3 percent to $979. The represents the largest quarterly decline in vacancy in two years and the ninth consecutive quarter with vacancy rates below 3 percent. Big Upscale Apartment Project Underway in Maple Grove A Florida-based developer has broken ground on the first phase of Skye at Arbor Lakes, a large luxury apartment project in Maple Grove. The project’s first phase calls for 263 upscale apartments. Altamonte Springs, Florida-based LeCesse Development Corporation is developing the project with Pittsford, New York-based Morgan Management, LLC, and the first units will be available next summer. No rental bubble in Twin Cities - yet Despite a barrage of new apartment buildings in the Twin Cities metro area, demand for rentals continues to outstrip supply. The average vacancy rate in the seven-county area dipped to 2.3 percent at the end of June, causing the average metro rent price to increase 3 percent to $979, according to a second-quarter survey by Marquette Advisors. That was the largest quarterly decline in vacancy rates in two years, and the ninth consecutive quarter of vacancy rates below 3 percent. How long can the apartment construction boom continue? The real estate appraisal firm Nicollet Partners in Minneapolis tracks new and proposed apartment projects in the Twin Cities, and as of last week its pipeline report showed more than 7,000 units under construction and an additional 13,600 units proposed. “And I’m sure we are maybe missing some,” said Doug Wageman, a principal with the firm. Usually when you see that much activity in any segment of the real estate market, a famously cyclical industry, you know what’s coming next. Finance and Commerce Article Four investors who bought a pair of Richfield apartment buildings 13 years ago have sold them to an investor from Dallas for $885,000. DDTS Properties LLC, an entity named for the initials of the four private investors, sold the two eight-unit buildings at 7040 and 7108 Cedar Ave. S. to Regan Real Estate LLC, an investor from Dallas. “They bought it when they were young, but now they’re married and have kids and different jobs,” said Robert Colwell, a partner in William Robert Twin Cities Apartment Advisors in Edina. They simply didn’t have time to manage the properties, said Colwell, who has known one of the investors for years and represented the group in the sale, which closed July 31. Southdale address could attract not just shoppers, but residents, too A novel groundbreaking for a new luxury apartment complex occurred last week in the shadow of a Cheesecake Factory. Sure, there were the usual fancy shovels perched atop a ceremonial pile of dirt, surrounded by beaming real estate developers and city officials. But the site itself, at the corner of W. 69th Street and York Avenue S., has never been developed -- even though its Edina location is one of the most attractive commercial spots in the Twin Cities. That's because it sits squarely in Southdale's parking lot. Strong rental market brings wave of renovations With a Wi-Fi lounge, up-to-date fitness center and apartment units with expresso-finished cabinets, The Woods of Burnsville might seem like one of hte new rental complexes springing up around the Twin Cities. I n reality, it’s a 1980s-era property undergoing an ambitious A June construction boom in Minneapolis Growing consumer confidence. Bigger incomes. They're the kind of things making life pretty sweet for Twin Cities homebuilders. Housing construction so far this year is up 23 percent Twin Cities home builders on track to have best year since 2007 With six months to go, Twin Cities home builders are on track to have their best year since 2007, offering more evidence that consumers have the confidence- and income - to spend on expensive houses and upscale apartments. That's according to a new report released this morning by the Builders Association of the Twin Cities, which shows that sousing construction so far the year is 23 percent ahead of last year, and home buyers aren’t shy about how much they’re spending. Bad Minneapolis landlord gone, but not all of the problems The properties' new owner said he's on top of the repair needs, but some tenants are still complaining. Six months after Minnespolis pressured one of it's worst landlords to sell 38 apartment buildings, city inspectors report a dramatic drop in tenant complaints and maintenance violations. Developer Proposes Four-Story Apartment Complex, Shops in Cedar Grove Stonebridge Companies wants to build a four-story retail and apartment complex near the soon-to-be-built outlet mall in Cedar Grove. The dust has barely settled on the groundbreaking for the new Paragon outlet mall, and already Eagan city officials are weighing a significant proposal from another developer. On Tuesday, the Eagan Economic Development Authority voted to enter into negotiations to sell a 4.8-acre parcel near the outlet mall site to Stonebridge Companies, a Twin Cities-based developer specializing in multi-family housing complexes. Twin Cities Luxury Apartments in Demand High-end apartments are popping up all around the metro. In fact, there are four luxury buildings in St. Louis Park alone that are opening this month - and it seems they're filling up fast, reports Aristea Brady. Trammell Crow picks Doran Construction to build Junction Flats A Dallas-based developer has picked Twin Cities-area contractor Doran Construction to build Junction Flats, the six-story, 182-unit apartment development on Fifth Street just north of Target Field in Minneapolis. Southcross Village Townhomes Trades for $5.1M KES Holdings LLC acquired the 60-unit Southcross Village Townhomes at 14800 County Road 5 in Burnsville, MN for $5,125,000, or about $85,000 per unit. William Cullen of WilliamRobert represented the seller, Roseville Properties Management Company. Trammel Crow to build luxury apartments in Golden Valley A Dallas-based developer said it plans to build more than 160 luxury apartments in Golden Valley, Minneapolis . That’s in addition to plans for another 165 Luxury apartments coming to Golden Valley Dallas-based Trammell Crow Co. said this morning that it plans to begin construction this fall on 165 luxury apartments in Golden Valley. The Arcata will built on a 2-acre site near The Shops at West End. It'll be adjacent to the Colonnade Office Tower and south of Golden Hills Office Center on Golden Hills Drive. St. Louis Park's luxury apartment building spree worries some city officials Since 2011, nearly 900 luxury apartment units have been built in St. Louis Park, prompting some city officials to raise concerns about maintaining an affordable and diverse housing stock. “The variety of housing being offered has been very narrow,” said City Council Member Anne Mavity. “The issue of affordability is huge. Most of the rent price points that we have been seeing are on the high end, and I want to make sure that we have affordability so folks working in regular middle-class jobs can afford to live in our community and in these newer developments.” Twin Cities rental demand still strong despite new apartments Hundreds of new apartments in the Twin Cities have yet to put a dent in the demand for rentals. The dip in vacancies comes despite the addition of 620 new apartments - mostly in Minneapolis' trendiest neighborhoods - and rents that have steadily crept higher in the Twin Cities. Twin Cities Housing Construction up 111 percent in April Housing construction in the Twin Cities was up more than 110 percent, making it one of the busiest Aprils in nearly a decade. Throughout the 13-county metro area, builders were issued 372 permits to build 817 apartments and single-family houses, according to a report from the Builders Association of the Twin Cities. New apartments barley putting a dent in Twin Cities vacancy rates, and rents are on the rise Hundreds of new apartments have been built in the Twin Cities, but that hasn't put a dent in the average vacancy rate in the region. Just-released first quarter data shows that the average vacancy rate in the metro was 2.8% compared with 2.9% during the previous quarter, according to Marquette Advisors. Forget Buying a Single Family Home: Purchase an Apartment Complex From is small rented apartment in New Yor City's East Village, former advertising executive, Joe Fairless is in the final stages of closing on a $6.8 million apartment building in Ohio. Real estate investors like Fairless are kicking single-family homes to the curb in today's housing market to purchase apartments in areas with low vacancy rates. Building Permits Bloom in April Despite the long winter and rising costs, the Twin Cities home building market is wraping up its busiest April since April 2007. Minneapolis accounts for half of the planned housing units in April, a reflection of two apartment projects under construction: Opus Development Co's. 253-unit Nic onFifth project at 415 Nicollet Mall, and the 137-unit Solhavn development at 815 Second St N. in the North Loop area of downtown. Townhouses planned for 49th and Vernon in Edina Minneapolis-based Hunt Associates has received preliminary approvals to tear down a pair of small, 1950's apartment buildings and an adjacent single-family house near Hwy 100 replacing them with 16 attached townhouse units. Robert L. Colwell, now with WilliamRobert, represented the seller in this townhome project and brought in Hunt Associates as the developer. Second glory for downtown's Pioneer-Endicott buildings? While investors cooled their heels during the recession, Richard Pakonen and Clint Blaiser were flying to Chicago to buy the better part of a St. Paul block they feared was wasting away. For months the pair begged a property owner mired in litigation to sell them St. Paul's first skyscraper, a condemned parking ramp and two adjoining downtown properties. Totino's Italian Kitchen in Minneapolis to be replaced by Apartments The northeast Minneapolis restaurant where the queen of frozen pizza made her fortune will soon become the city's latest rental apartments. For decades, families packed into big red vinyl booths and slurped noodles over checkered tablecloths in a northeast Minneapolis restaurant where Rose and Jim Totino pumped out millions of meatballs before selling their frozen pizza company to Pillsbury for $22 million. Apartment vacancy rate declined to 4.3% in Q1 2013 Reis reported that the apartment vacancy rate fell to 4.3% in Q1, down from 4.5% in Q4 2012. The vacancy rate was at 5.0% in Q1 2012 and peaked at 8.0% at the end of 2009. Apartment vacancy rate falls to lowest level since 2001 The U.S. apartment vacancy rate fell to it's lowest level in more than a decade, but persistent stagnant income growth for U.S. workers has tempered the ability of landlords to raise rents, according to an industry report. Downtown Minneapolis office finds new life as apartments With an oversupply of office space and a shortage of apartments, downtown developers are setting their sights on converting office buildings into living space. For decades the stately Soo Line building - once headquarters to Soo Line Railroad and US Bank - dominated the Minneapolis skyline. Old age hasn't been kind to the 98-year-old tower. The Talented Mr. Perez: How Obama's Labor nominee muscled a city to drop a Supreme Court case President Obama nominated Thomas Perez on Monday to run the Labor Department, praising him as "a consensus-builder" who passed the nation's "first statewide living-wage law" in Maryland. That isn't his only talent. Consider how he worked behind the scenes to undermine two civil cases against the City of St. Paul in order to stop a Supreme Court case that might have repudiated his discrimination enforcement theories. New North Minneapolis apartment construction in need of better design Last week at the Jordan housing committee meeting, CommonBond Communities presented their design proposal for the apartment building to be constructed at the West Broadway curve. Dowtown St. Paul post office deal reached; developer plans 250 apartments Developer Jim Stolpestad has signed a purchase agreement for the 17-story central post office building on Kellogg Boulevard in downtown St. Paul, with the goal of the building at least 250 units of market-rate apartments overlooking the Mississippi River. Apartment Tower planned for near First Avenue nightclub is 'on hold' Turnstone Group has suspended its plans to build a nine-story apartment tower called The Venue, which was slated to be built near the First Avenue nightclub. It is blaming a run-up in construction costs. I-394 Strip in Golden Valley becomes hotbed for apartment development The "power strip" along Interstate 394 between Hwy 100 and I-494 in Golden Valley is not only proving to be a top draw for office users, it's also becoming one of the hottest spots in the Twin Cities for apartment development. Apartments Snapped up as Fast as They're Built Apartments in the Twin Cities are filling up as fast as they are becoming available, sparking a new wave of rental development unlike anything the metro has seen in decades. Twin Cities Metro Area Multi-Family Market Overview Where will you take your rental property business in 2013? View this presentation to get some solid information to use in your planning. William Cullen, WilliamRobert, and John Prebarich, Chase Commercial Lending, highlight what is going on in new construction, occupancy trends, rental rates, the financial market, and even worldwide politics to paint a picture of what is coming in the year ahead for the Twin Cities multi-family market. Frenz buys Minneapolis apartment portfolio from controversial investor Zorbalas Apartment owner Steve Frenz is recapitalized and starting to fix some of the most notorious apartment buildings in Minneapolis. Pro One Management Pays $15.8M for Burningham Apartments Pro One Management acquired the Burningham Apartments at 1501-1513 Burnsville Pkwy E. in Burnsville, MN from Johnson Management Co. for $15.8 million, or about $49,000 per unit. The WilliamRobert team represented both the buyer and the seller in the sale. Saint Paul Apartment Tower Fetches $51 million Kellog Square, a signature apartment tower in downtown St. Paul has been sold for $51 Million, a sign of confidence that the market for downtown apartments in the Twin Cities will remain strong. Apartment Vacancy Rate Declined to 4.5% in Q4 Reis reported that the apartment vacancy rate fell to 4.5% in Q4, down from 4.7% in Q3 2012. The vacancy rate was at 5.2% in Q4 2011 and peaked at 8.0% at the end of 2009. Just Sold: Mint Properties goes on apartment-buying spree In a Finance and Commerce article Jim Rubin, owner of Minneapolis-based Mint Properties LLC, has acquired 11 buildings in the last month. The acquisitions include nine buildings in Minneapolis and two in St. Paul, totaling 183 units. The transactions involved about a half-dozen different owners with different reasons for selling according to Dan Largen, property manager for the company. The buyer and seller of one of the St. Paul properties, located at 1210 and 1233 Randolph Ave., was represented by WilliamRobert. |
