Just Listed Logo

Blog

Just Listed

Towering student rental building near University of Minnesota fetches $69 million

A Dallas firm paid $69.4 million for the Stadium View Apartments near the University of Minnesota campus, according to a records filed on Feb. 8. The 277-unit, 900-plus bed project is at 2508 Delaware St. SE in the Stadium Village neighborhood in Minneapolis.

The nine-story complex was bought by an entity that’s associated with Dallas-based University Partners, which specializes in student housing. The seller was a Chicago-based real estate investment firm associated with Blue Vista Capital Management.

The estimated market value of the 2.64-acre property, according to county tax records, is $56 million. It was built nearly 15 years ago and is an area that’s dominated by student rentals, many of which have changed hands in recent months. Developer Kelly Doran helped was at the leading edge of the student housing construction boom in the area and he was among the first to start trading the properties he developed. He recently sold the 210-unit Bridges and the 101-unit Knoll projects.

Deadline given to developers for Ford site proposals

Developers have less than two weeks to submit offers for their vision for the former Ford plant site in St. Paul.

Real estate services company CBRE, which has been marketing the site since December, said offers were due by Feb. 23. The company said it has already received “considerable interest” for the 143-acre property, located off Ford Parkway along the Mississippi River in the Highland Park neighborhood of St. Paul.

Last fall, the city of St. Paul approved a zoning and master plan for future development of the site, which is still owned by Ford. The zoning framework called for a new mixed-use urban neighborhood.

The assembly plant has been demolished and the environmental remediation for the site will be finished soon.

“The Ford site is an unparalleled opportunity to build a new, modern community within a fully built-out urban environment,” said Richard Palmiter of CBRE, in a statement. “We anticipate hearing more from developers that will build upon the new framework the City of St. Paul recently put in place.”