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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 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. |
