Greystar Acquires 5.6-Acre Parcel; Apartments Expected
- Jan 31, 2012
Greystar Real Estate Partners has acquired a portion of the former home of Bennett Lumber in the Uptown area of south Minneapolis. Finance & Commerce reports the national apartment owner and developer paid $5.7 million for the property, which is located between Colfax and Dupont Avenue South.
Jim Gearen, part of the previous ownership group, said the Charleston-based firm acquired about a third of the site but has an option to acquire the balance of the property, which includes parcels between Dupont Avenue South and Emerson Avenue South and between Emerson Avenue South and Fremont Avenue South.
The previous owner had laid out plans for as many as 710 apartments for the whole site, while the 5.6-acre easternmost parcel acquired by Greystar had plans approved by the city of Minneapolis for 217 apartment units.
In May, following an environmental assessment worksheet gathered by the city of Minneapolis, the city council voted an environmental impact statement for the proposed development of the 5.6-acre site was not required.
The Uptown area has been attracting apartment developers–hardly a surprise, given Marquette Advisors’ report of a 1.8 percent vacancy rate for southwest Minneapolis at the end of the third quarter. The apartment vacancy rate across the Twin Cities was reported at 2.3 percent at the end of September.
Greystar, a multifamily investment, development and property management firm, manages more than 180,000 apartments in over 100 U.S. markets. In the Twin Cities market, the company in late August acquired the 500-unit Park Place Apartments in Plymouth for $54.7 million, one the largest local apartment deals in several years.
Photo Courtesy of: www.greystar.com