Just Sold: St. Cloud apartments sell for $4.8 million.


Byline: Anne Bretts

Editor's note: "Just Sold" is a Finance & Commerce feature based on certificates of real estate value recently filed for commercial transactions and significant residential transactions in Twin Cities counties. Additional details in the transactions come from Plat Research, the Minnesota Secretary of State's Office, company documents, online real estate listings, F&C archives, CoStar and other research. Some purchase prices and per-unit calculations have been rounded. Full prices are available on the CRVs posted here.

The 96-unit Northway Apartments in St. Cloud have sold for $4.8 million in a deal between private investment entities in the Twin Cities.

Northway Apartment Property LLC in St. Paul closed May 30 on the sale to Joe Belle Limited Partnership LLLP in Crystal. The property is a 1031 investment purchase for the buyer. CoStar indicates the seller is an entity related to Kelly Brothers Investments in St. Paul. The parties involved couldn't be reached for comment.

Northway Apartments have four three-story brick buildings at 1405 12th Ave. N., built in 1975 on 4.81 acres located within walking distance of St. Cloud Hospital and St. Cloud Technical Community College.

It has 56 one-bedroom units and 40 two-bedroom units and 88 covered parking spots. Rents range from $576 to $699 per month, according to CoStar.

The price works out to $50,344 per unit.

The average sales price per unit for apartments in the Twin Cities metro area is $134,187, according to the Finance & Commerce Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 51,878 apartment units since Aug. 31, 2011.

Purchase price: $4.833 million

Price per unit: $50,344

Date of deed: 5-30-19

ECRV released: 6-4-19

Robert Street retail draws $2.1 million

Description: 16,440-square-foot retail center built in 2017 on 2.01 acres at 1709 Robert St. S. in West St. Paul

Buyer: T West T LLC, Chanhassen; T West C, Mound

Seller: Robert Street Investors LLLP, an entity of Venture Pass Partners LLC, Shorewood

Purchase price: $2.1 million cash

Price per square foot: $129.18

The transaction: Shorewood-based Venture Pass Partners LLC has sold a 16,440-square-foot retail center it developed two years ago at 1709 Robert St. in West St. Paul. The $2.1 million price works out to $129.18 per square foot.

The buyers are private investment entities T West T LLC in Chanhasssen and T West C in Mound.

Tenants include Talecris Plasma Resources, Qdoba and...

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