St. Paul’s Oxbo Apartments complex sells for $61.5 million

A North Dakota real estate investment trust has purchased the recently opened Oxbo Apartments in downtown St. Paul for $61.5 million.

Investors Real Estate Trust (IRET) bought the six-story, 191-unit complex at the corner of W. 7th Street and Kellogg close to the Xcel Energy Center. The complex replaced the Seven Corners Hardware store that closed in 2014. The project was developed by the Opus Group.

The Oxbo, currently 42 percent leased, has luxury features such as a rooftop pool deck and sky lounge. The complex also sits atop more than 11,000 square feet of retail space, which is completely leased. New Bohemia opened a restaurant on the ground floor in January.

“We are pleased with the acquisition of this high-quality property,” said Mark O. Decker Jr., chief executive of IRET. “Oxbo is well-located in an attractive neighborhood in St. Paul. This transaction furthers our goal to enhance our existing portfolio and improve the prospect of sustainable cash flow growth for our investors.”

IRET has numerous properties across Minnesota.

New Hilton Tru hotel approved near Mall of America in Bloomington

A new dual-branded hotel near the Mall of America has been given the green light by the Bloomington planning commission.

The 182-room hotel will be a combination of Hilton’s Home2 Suites extended stay hotel and its new youthful brand called Tru. An entity associated with Maryland-based developer Baywood Hotels submitted the plans to the city.

The four-story hotel will be built on the site of the former Forest Glen apartments on East Old Shakopee Road. The plan is to set the hotel back enough for there to be space for a possible recreation building in the future. If built, it would connect to the hotel.

The Metropolitan Airports Commission owns the land, which is in the airport overlay zone, that is being parceled together for the hotel.

The hotel was approved last week by the Bloomington commission.

Nicole Norfleet

 

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