Greystar pays $70M for Inver Grove Heights rentals.


Byline: Matt M. Johnson

An Inver Grove Heights apartment complex has lured apartment investor Greystar to spend nearly $70 million to add more than 400 units to its local portfolio.

Charleston, South Carolina-based Greystar paid $69.75 million for the Avana Southview Apartments at 4930 Ashley Lane, according to a certificate of real estate value made public on Wednesday. The four-building complex is on about 22 acres in the northwest quadrant of Highway 52 and Interstate 494.

Westerville, Ohio-based White Oak Partners was the seller. White Oak paid $58 million for the 424-unit complex in 2014. The apartments were previously known as SouthView Gables.

The transaction, which closed on Jan. 28, works out to $164,505 per unit, above the $132,960 Twin Cities average, according to the Finance & CommerceTwin Cities Apartment Sales Tracker. The tracker has recorded the sale of 49,500 apartment units since 2011.

Dakota County values Avana Southview at $71.2 million.

Built in 1987, the complex offers studios and one- and two-bedroom apartments. Unit sizes range from 617 square feet of space to 1,315 square feet of space, according to Avana Southview's website. The average monthly rent at the complex is $1,383, CoStar shows.

Avana Southview has a 5.2 percent vacancy rate, according to CoStar. The apartment vacancy...

To continue reading