Fifth building in Hopkins portfolio sold for $13M.

Byline: Matt M. Johnson

Irvine, California-basedSage Apartment Communitieshas acquired a 110-unit Hopkins apartment building as part of a portfolio of 636 units it purchased late last month near future Southwest Light Rail Transit stations.

Sage paid $13.02 million for the Cambridge Towers Apartments at 1301 Cambridge St. in Hopkins,according to a certificate of real estate valuemade public on Tuesday. The seller is Cambridge Towers LLLP. Hopkins-based Ginkel Properties was the actual seller, according to CoStar.

The seven-story, Class C apartment building is within a half-mile of the Blake Road Station on the future Southwest line.

The purchase price works out to $118,388 per unit. Finance & Commerce's onlineTwin Cities Apartment Sales Trackerhas recorded a $129,934 average price paid per unit for apartment sales since 2011. The tracker has followed the sales of more than 44,843 units in the Twin Cities metro area.

The latest transaction closed on Sept. 28.

Hennepin County values the Cambridge Towers Apartments at $7.5 million for property tax purposes. The county has recorded no previous sales of the building.

The apartments are part of the city's stock of naturally occurring affordable housing, Kersten Elverum, Hopkins' director of economic development and planning, said in a recent interview.

Sage purchased four other nearby Hopkins apartment buildings, Finance & Commerce previously reported.

The four buildings are:

The 187-unit Knollwood Towers West at 1010 Lake St. NE.

The 129-unit Knollwood Towers East at 320 Blake Road N.

The 109-unit Central Park Manor Apartments, at 1510 Main St.

The 101-unit...