Type: Rental apartments

Units: 50

Developer: CPM Companies

Architect: Harriss Architects

Details: The new owner of a 49-year-old apartment building near the University of Minnesota is preparing a major upgrade and new additions in a bid to reposition the property within a quickly changing student housing market.

Minneapolis-based CPM Companies, already a major landlord in the Dinkytown area, bought the 50-unit building at 815 13th Av. SE. in January for $4.25 million, Hennepin County records show. Now the firm, led by Daniel Oberpriller, has received the city approvals needed to extensively rehab the existing building and add nearly 5,000 square feet of new construction.

Hundreds of new student apartments have been built near the U in recent years, and most of them reflect new trends in the student housing market. One major change has seen a shift in demand toward high-end amenities similar to those found in the best new market-rate buildings and multiple bedrooms per unit.

All but a few of the apartments at 815 13th Av. SE., however, are one-bedroom, prompting the current project, architect John Harriss told city officials.

Under the plans, the building’s unit count will remain at 50 but the number of bedrooms will increase from 59 to 95. The list of building improvements include a new exterior look of rock-face masonry and cement fiberboard, extensive cleaning, repairing and repainting, new fiberglass windows, a new entry canopy and updated amenities such as a club room, fitness room and game room.

 

Don Jacobson is a freelance writer in St. Paul. He can be contacted at hotproperty.startribune@gmail.com.