Concierge Apartments, a giant complex in Richfield that underwent a controversial but financially successful renovation, has been sold to JRK Property Holdings, a Los Angeles-based real estate investment firm.
Terms weren’t disclosed.
The sale of the complex was announced Thursday by Soderberg Apartment Specialists, a property management firm in Brooklyn Center that had a minority stake in Concierge.
It will continue to manage the complex, which is located at I-494 and Penn Avenue and is one of the largest in the Twin Cities.
The current owner, MLG Capital of Brookfield, Wis., and other investors in 2015 paid for a renovation of the 698-unit complex that led to rent increases and the displacement of hundreds of low-income residents. Former residents sued for violations of the Fair Housing Act, leading to a $650,000 settlement.
Soderberg Chief Operating Officer Erik Falkman said in a statement Thursday, “We took what was a declining asset, from both an ownership and community standpoint, and turned it into a great place that’s both an attractive place for people to live and a healthy, positive asset to the surrounding neighborhood and the entire city of Richfield.”
JRK, which is entering the Minnesota market for the first time, has a portfolio of more than 32,000 units across 20 states.