Doran Cos. sold four apartment buildings near the University of Minnesota campus for $83.5 million, according to certificates of real estate value.
The sale was reported earlier this month, but the price tag wasn't made public until this week.
While Bloomington-based Doran continues to own and manage its two newest student apartment buildings, the Knoll and the Bridges, both on University Avenue SE., the sale signals the end of the company's five-year building spree near the U's main campus. The move frees up funds that the developer plans to reinvests in other areas of the Twin Cities Metro.
Two of the apartment and retail buildings, Sydney Hall and Dinkydome, were bundled together in the same transaction, fetching the largest sale price of $43.65 million.
The other two properties, 412 Lofts, on 12th Avenue SE., and the Edge on Oak, on SE. Oak Street, sold for $26.3 million and $13.55 million, respectively.
All of the properties are less than six years old.
The institutional investor is unknown, but a money manager out of Denver is handling the transactions.
Kristen Leigh Painter