The 26-story Symphony Place apartment complex located across from Orchestra Hall in downtown Minneapolis has been sold to a buyer who promises to renovate the brown-toned, 1980s-style building.
Chicago-based Waterton Associates LLC sold the high-rise to MLVI Symphony Place Apartments LLC -- sponsored by TIAA-CREF, a national investment advisor. CBRE represented the seller in the sale.
Located across from Orchestra Hall at 1117 S. Marquette Ave., the 250-unit apartment building has a prime location for downtown real estate seekers. But the building, built in 1983, was outdated long ago as other apartments in the area have come online.
The new buyer is planning to make updates before selling it off as an improved property.
"The acquisition of Symphony Place Apartments is consistent with our integrated approach to value-add apartment investments," said Brian Eby, Senior Director, Transactions & Financing, TIAA-CREF Global Real Estate, in a statement. "Symphony Place will undergo a significant capital investment program to elevate the resident living experience by renovating the unit interiors and common area amenities, along with making modifications to the street level façade."
A clubhouse, rooftop deck, indoor swimming pool, steam room, tennis court, basketball court, business and conference rooms are among the building's offerings. Only a block off Nicollet Mall, Unlike the recent apartment complex boom in nearby downtown neighborhoods, this building is skyway-connected, sitting in the middle of the city's commercial activity.
The building sale includes street-level retail space and a large resident parking garage.
