A New York investor has purchased a three-building apartment complex near the University of Minnesota for $47.5 million, according to a certificate of real estate value filed in Hennepin County.
DRA Advisors bought the 194-unit Metro Park East property from Dallas-based Fountain Residential Partners, which developed the project in 2014.
The all-cash deal for the Minneapolis complex at 2701 Fourth St. S.E. closed March 30.
Some of the amenities for residents listed on the property’s website include “killer views” of the on-campus TCF Bank Stadium, “wood-look floors” and a roommate-matching service. There’s also a fitness center, bike storage, a digital gaming center and a stand-up tanning booth.
The project, which was designed by Cube 3 Studio based in Lawrence, Mass., won two awards from the Texas Chapter of the American Society of Interior Designers in 2015: first place for commercial sustainable green design and and second place for residential sustainable green design, according to Fountain Residential’s website. Dement Designs, based in Dallas, was the interior designer.
DRA owns a handful of Twin Cities office buildings including the Wells Fargo Plaza in Bloomington and 605 Waterford Park in Plymouth.
Source: http://www.bizjournals.com/twincities/blog/real_estate/2016/04/metro-park-east-apartments-sold-dra-advisors.html by Sam Black, Senior reporter: Minneapolis / St. Paul Business Journal
