California investor pays $14.5 million for Blaisdell portfolio.
Byline: Matt M. Johnson
A California investor that has purchased a number of Twin Cities apartment buildings in the past year has come back for more, this time in the affordable category.
Irvine-based Sage Apartment Communities paid $14.5 million for a portfolio of five buildings on or near Blaisdell Avenue South in Minneapolis, according to a certificate of real estate value made public on June 12. The buildings offer affordable rentals under the Section 42 program, said Sage President Amber Monte. The Section 42 is a tax incentive program that incentivizes owners of rental housing to provide and maintain affordable rents.
The company's latest Twin Cities acquisition is a set of buildings at 2200, 2215, 2221, and 2312 Blaisdell Ave. S., and 2119 Pillsbury Ave. S. The Class C properties, totaling 151 units, were all built between 1963 and 1971. The largest of the properties is 2110 Pillsbury with 49 units.
The seller is Blaisdell Housing Limited Partnership, an entity that shares an address with Minneapolis-based law office Winthrop & Weinstine, according to records on file with the Minnesota Secretary of State's office.
The transaction, which closed on June 11, works out to $96,026 per unit. Finance & Commerce's onlineTwin Cities Apartment Sales Trackerhas recorded a $133,773 average price paid per unit for apartment sales since 2011. The tracker has followed the sales of more than 52,957 units in the Twin Cities metro area.
Hennepin County values the properties at a total of $18.2 million for tax purposes.
Sage was attracted to the Blaisdell properties through a local connection, Monte said in an email to Finance & Commerce.
"Our CEO, Brian Fitterer, attended the University of Minnesota and has always had a strong interest in this market," she said.
The seller did not immediately respond Thursday to a comment request.
Sage has been a busy player in the Twin Cities apartment investment market. The company purchased 636 apartments in Hopkins last October in transactions totaling $74 million, and...
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