By Colliers International | Minneapolis-St.Paul
December 19, 2017
Colliers International | Minneapolis-St. Paul Investment Services Team negotiates sale of two student housing properties
Solhaus and Solhaus Tower, both located in the prime U of M neighborhood of Dinkytown, represent a strategically timed investment sale of two newer developments in the rapidly-expanding campus neighborhood.
Monday, December 19th, 2017 – The Investment Services Team at Colliers International | Minneapolis-St. Paul represented Denver-based Forum Real Estate Group, in the sale of Solhaus, and Solhaus Tower, two multi-family, campus housing properties located at 2428 Delaware St SE & 515 Huron Blvd SE. The properties, totaling 150 units, are about a block away from each other in the bustling University of Minnesota campus area of Stadium Village.
The properties were purchased by San Francisco-based FPA for $27,425,000. In the last few years FPA has added the Twin Cities metro area to their watch list and the Solhaus and Solhaus Tower sale brings FPA’s total Minneapolis multifamily portfolio to 10 properties. FPA is one of the nations largest multi-family ownership groups in the nation with over 25,000 units.
“We had heavy interest from the pre-marketing phase and were happy to contract with a strong, reputable buyer.” said Ted Bickel, Senior Vice President at Colliers International | Minneapolis-St. Paul.
The Colliers International | Minneapolis-St. Paul Investment Services Team of Senior Vice President Ted Bickel, Vice President Jeff Budish and Associate Brady DeVore represented Forum Real Estate Group in this transaction.
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