A New York investor paid $87 million for 210 upscale apartments atop a Whole Foods store in St. Paul. CBRE Multifamily represented Ryan Cos. and the Excelsior Group in the sale of the Vintage on Selby, the mixed-use project that includes the apartments and a 39,506-square-foot Whole Foods grocery store.
The buyer was an affiliate of Zurich North America, which was represented by Chris Edgar, director of Multifamily Acquisitions and Sean Bannon, managing director, head of US Real Estate.
CBRE's Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman brokered the deal for the owner, the Vintage on Selby, LLC, an entity related to Ryan and Excelsior Group, which developed the property in 2015. The property is the first multifamily purchase for Zurich in the Twin Cities area.
"This sale once again demonstrates new investor interest in our market and the continued popularity of urban infill multifamily properties," Appert said in a statement. "The lifestyle offered at the Vintage on Selby with the connectivity to Whole Foods, a bustling urban neighborhood and best-in-class amenities is attracting top-tier renters with high incomes."
The redevelopment project is at a prime location at the intersection of Snelling and Selby avenues in St. Paul just a few blocks from the future Major League Soccer stadium on University Avenue and is within walking distance of the Green Line light rail.
The apartments are 9 percent larger on average than other new construction properties in the Twin Cities metro area. The building also has a rooftop terrace with an outdoor lap swimming pool, a 6,000-square-foot natural turf backyard and electric car-charging stations.
The same CBRE team recently represented Ryan in the sale of 222 Hennepin, another mixed-use apartment project anchored by a Whole Foods grocery store. That project is at the corner of Washington and Hennepin avenues in downtown Minneapolis.
