Plymouth-based Dominium Co. said it has sold the Newport on Seven apartments in St. Louis Park for $22.7 million.
That's roughly $136,078 per unit. The buyer was Charleston, S.C.-based Greystar.
Newport on Seven, which has 167 apartments, was developed in 1987 by David Brierton and Jack Safar, Dominium's founders. The complex also includes underground parking, community rooms, a fitness center and an indoor pool.
Dominium said in a news release it is making a "strategic decision" to sell assets as it expands its portfolio in the Twin Cities and beyond. Locally, the company is renovating three historic structures, the Buzza Building and the Pillsbury A Mill in Minneapolis and the Schmidt Brewery in St. Paul.
This year, Dominium has added 28 assets to its portfolio in Arizona, Florida, Georgia, Mississippi, Tennessee and Texas. The company is also renovating The Metropolitan Artist Lofts, a 72-unit complex with studio spaces in St. Louis.
The sellers were represented by Keith Collins and Abe Appert of CBRE.
Janet Moore covers commercial real estate for the Star Tribune.
