City Walk apartments in Woodbury go for $107 million.

Byline: William Morris

An Ohio apartment company is paying more than $107 million for its second property in the Twin Cities.

The Connor Group, a Dayton-based company with properties in 10 states, has bought the City Walk Flats and City Walk at Woodbury properties in separate transactions, according to certificates of real estate value made public July 3. The properties have a combined 453 apartments, and the sale price of $107.077 million works out to $236,374 per unit.

The average per unit price recorded by Finance & Commerce'sTwin Cities Apartment Sales Tracker is $133,665. Finance & Commerce has tracked the sales of more than 53,000 units since 2011.

The properties, at 10150 and 10225 City Walk Drive, are located in the southeast quadrant of Hudson Road and Woodbury Drive, just south of the Woodbury Drive/Interstate 94 interchange. On the other side of Hudson are the Woodbury Commons retail center and a Walmart Supercenter.

The vacancy rate for the apartments is 6.2%, compared with 6.0% in the Woodbury/Afton/Lake Elmo submarket, according to CoStar Group. City Walk Flats also has five retail bays, which are fully occupied.

Both buildings were built by Florida-based LeCesse Development Corp., which opened the 208-unit Flats in 2006 and the 245-unit City Walk at Woodbury in 2011. The company sold the Flats shortly after completion in 2006 for $42.03 million, but bought them back in 2017 for $43.65 million. In the latest sale, the Flats went for $51.37 million, while City Walk at Woodbury sold for...