St. Paul's Riverview complex is sold to Boston company for $43.5 million

Riverview at Upper Landing, a 344-unit apartment complex on St. Paul's riverfront, has been sold to a Boston real estate investment company in what's believed to be the largest sale of a Twin Cities multifamily property in more than a year.

Intercontinental Real Estate Corp.'s U.S. Real Estate Investment Fund bought the two-building complex at Spring Street and Shepard Road for $43.5 million. The Twin Cities office of Colliers Turley Martin Tucker marketed the property for investors advised by Prudential Real Estate Investors.

Gina Dingman, vice president of Colliers' investment services division, said the property was on the market for only about six weeks and generated multiple offers.

The four-year-old complex features underground parking, fitness facilities, an Internet cafe and proximity to downtown and walking trails along the Mississippi River. Emporis Corp. built the project, which was designed by Elness Swenson Graham Architects.

The price tag tops the $30.1 million sale last summer of Uptown City Apartments, a 163-unit complex in Minneapolis.