Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.
Minneapolis-based Invictus Capital has added to its growing apartment portfolio by acquiring a $10.48 million package of 88 units in seven vintage buildings from longtime local landlords Jim and Laura Rubin, owners of Mint Properties.
Invictus has 30 buildings with a total of 500 units.
Over more than two decades, the Rubins built Mint Properties into a portfolio of 1,536 apartments in 75 mostly small vintage buildings clustered in the city. This year they began dismantling that portfolio to prepare for an early retirement.
Doug McNicoll, broker-owner of MRG Realty Partners, represented both sides in the deal.
The latest sales, which closed Oct. 17, all involved properties in Minneapolis. The average price was approximately $144,000 per unit.
The average sales price per unit for apartments in the Twin Cities metro area is $152,568, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 82,439 apartment units since Aug. 31, 2011.
The properties include:
$4.29 million: 2101 Third Ave. S., 2424-2428 Fourth St. S.; three buildings, 39 units. CRV
$2.6 million: 2609 Hennepin Ave., 2613 Girard Ave. S.; one building, 20 units. CRV
$1.84 million: 2014 Third Ave. S.; one building, 16 units. CRV
$1 million: 2115 Third Ave. S.; one building, eight units. CRV
$750,000: 2625 Third Ave. S.; one building, five units. CRV
Minneapolis warehouse sells for $6.5 million
An entity related to Illinois-based Clear Height Properties has paid $6.5 million to acquire a fully leased warehouse at 2650 Minnehaha Ave. in Minneapolis from the tenant company’s former owner.
ICP CHP 2650 Minnehaha Ave LLC closed Oct. 19 on the acquisition from 320 LLC, an entity registered to Steven Firkus of Arden Hills. He is the former owner of Crew2, a fulfillment company that installs flooring for The Home Depot. Now part of Interior Logic Group, Crew2 has a lease through 2028.
The 53,000-square-foot warehouse was built in 2003 on 4.27 acres and updated in 2017.
Anna Coskran, Tina Hoye and Tanya Bell of NTH Inc. in Minneapolis represented the seller. The parties declined to comment.
Place: 2650 Minnehaha Ave., Minneapolis
Price: $6.5 million; $1.85 million down payment; new mortgage; $122.64 per square foot
Buyer: ICP CHP 2650 Minnehaha Ave, LLC, Oak Brook, Illinois
Seller: 320 LLC, Arden Hills
RELATED: Just Sold: Mint owner begins selling rental portfolio