Multifamily W Minnesota

CBRE helps close sale of 210-unit apartment community in St. Paul

CBRE helps close sale of 210-unit apartment community in St. Paul,ph01

CBRE Multifamily represented Ryan Companies and The Excelsior Group in the sale of the Vintage on Selby, a new-construction multifamily project in St. Paul, Minnesota, with 210 apartments and a 39,506-square-foot Whole Foods grocery store, for $87 million to an affiliate of Zurich North America.

ZAAM was represented by Chris Edgar, Director of Multifamily Acquisitions, and Sean Bannon, Managing Director, Head of US Real Estate.

Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman in CBRE’s Minneapolis office arranged the sale on behalf of the owner, The Vintage on Selby, LLC, an entity-related to Ryan Companies and The Excelsior Group, which developed the property in 2015. The sale is the first multifamily acquisition in the Minneapolis metro area for Zurich.

Completed in 2015, the Vintage on Selby is located at the intersection of Snelling Avenue and Selby Avenue in St. Paul, the Vintage offers great proximity to both the Minneapolis and St. Paul CBDs and the future Major League Soccer stadium on University Avenue.

The building features a mix of units ranging from studios to three-bedrooms. The units are 9 percent larger on average than other new construction properties in the Twin Cities metro area. The Vintage on Selby features a rooftop terrace with outdoor lap swimming pool, a fitness center and yoga room, a 6,000-square-foot natural turf backyard, club room with gourmet kitchen, electric car charging stations and bike storage.

The property includes 495 parking stalls below ground and an attached covered ramp for resident and retail use. The Vintage on Selby is also served by bus rapid transit on Snelling Avenue and is within walking distance of the Green Line light rail.