Another national investor is making a big investment in Twin Cities real estate. South Carolina-based Greystar paid $49 million - a whopping $270,000 per unit - for the Junction Flats apartments in the North Loop neighborhood in downtown Minneapolis, according to public records.
The 182-unit property was developed by Dallas-based Trammell Crow in one of the most rapidly developing developing corners of the city. The building is at 643 Fifth St. N. near Target Field and the new Target Field Station transit hub, and is within walking distance of downtown Central Business District. Residents started moving in on August 1 and the building is nearly half occupied.
Greystar is a big national player that's relatively new to Minneapolis. The company developed Elan, a massive multi-phase luxury apartment building with nearly 600 units along the Midtown Greenway in the Uptown neighborhood, and is planning to build a high-rise apartment building along Lake Calhoun.
Trammell Crow has been active in the Twin Cities, as well. The company developed Arcata, a 165 unit rental bulding at Xenia and Golden Hills Drive in Golden Valley, and that's scheduled to open December 1. The company is also building the 175-unit Island Residences at Carlson Center in Minnetonka.
Several major commercial and apartment properties in the Twin Cities have been snapped up national investors who have paid premium prices. Just last week, for example, a Chicago-based partnership paid a record price for the Normandale Lake Office Park.