On behalf of Lang Law Office posted in Commercial Real Estate on Thursday, August 03, 2017.
One of the county’s largest apartment management companies closed escrow on a set of two apartment buildings near the University of Minnesota’s campus on July 17, 2017.
After some renovations are made, the 310 units that make up the Bridges and Knoll towers, located at 930 University Avenue Southeast, will become private student housing.
The twin towers are two of the largest among the six total student apartment complexes that developer Doran Cos. has commissioned in the past few years. The Bloomington-based company sold its four previous developments immediately following the completion of construction on them.
Escrow for the Bridges and Knoll, built in 2013 and 2014 respectively, closed at $93 million. While Doran Cos. has long been involved in the construction of multi-family units throughout the area, it’s especially well known for the standard it has set for the way on-campus student housing should look.
TH Real Estate is the buyer of the Bridge and Knoll towers. The Twin Cities-based real estate investment firm already owns a number of large multi-family living communities throughout the area including Bristol Village and Devonshire, both in Bloomington. This purchase marks its first foray into student housing. Doran Cos. divesting itself of these two properties marks a shift in its focus from developing urban areas to suburban ones instead. Despite still owning commercial property in Dinkytown, they note there are no intentions to convert it into student housing. Instead, they may look to develop it into a upscale apartment complex, much like ones they’re working on in suburban Maple Grove and Skakopee.
When it comes to closing on multi-million dollar real estate projects, like the one Doran Cos. and TH Real Estate just closed on, it’s important to have an Minneapolis commercial real estate attorney on hand to ensure all goes as planned.
Source: Star Tribune, “Kelly Doran sells pair of Dinkytown apartment buildings for $93 million,” Jim Buchta, July 17, 2017