Multifamily W Minnesota

Cushman & Wakefield closes $19 million apartment sale in Minneapolis

The Cushman & Wakefield team of Lance Steiger and Robert Dulin represented the seller in the $19.2 million sale of the Riverwalk Townhomes and Flats, an apartment and office condo property located in the North Loop neighborhood in Minneapolis.

The buyer is Goodman Real Estate, a Seattle-based real estate investment company specializing in multifamily and commercial properties. The firm’s assets are valued at more than $2.5 billion. The seller is the James Stanton Estate.

The $19.2 million sales price included 96 apartment units and 10,000 square feet of office condo space. The sale closed Friday, Dec. 15.

Riverwalk was a rare offering for investors, as it featured the opportunity to acquire an irreplaceable North Loop asset with brick-and-timber construction. Steiger and Dulin received 19 offers, six of which came from out-of-state investors.

Located on the northeast quadrant of First Street North and Fourth Avenue North, Riverwalk is just blocks away from offices, restaurants and nightlife, and such Minneapolis attractions as Target Field. The Mississippi River is less than two blocks north. The property was originally constructed as a freighthouse for Northwestern Railroad and underwent a renovation in 1986.

The Riverwalk property features 40 townhouse-style units and 56 flats. All units feature washer-dryers, individual HVAC, exposed brick/timber and high ceilings.