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Minneapolis College Of Art And Design Acquires Mixed-use Building In Minneapolis For $16.4M

Property Image
SOLD
$16,400,000

Minnesota

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Mixed-use
Sold 06/01/2023
the dealdetailscomps
Property Image
SOLD

Minneapolis College Of Art And Design Acquires Mixed-use Building In Minneapolis For $16.4M

113 26th Street East Minneapolis, Minnesota 55408, USA

See Similar Deals
Mixed-use
Sold 06/01/2023
the dealdetailscomps

Summary

MINNESOTA
Asset Type:Mixed-use
Transaction Type:Sale

The Minneapolis College of Art and Design has acquired a 70-unit apartment building located at 113 26th Street East in Minneapolis for $16.4 million. The property will be used as student housing as part of the college's plan to expand its campus and increase its student body to 1,000 by 2030. The purchase was made from Randolph Street Realty Capital.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $16,400,000
  • Address: 113 26th Street East, Minneapolis
  • Market: Minneapolis
  • Buyer: The Minneapolis College of Art and Design - Brock Rasmussen & Annie Cleveland
  • Seller: Randolph Street Realty Capital - Jonathan Saliterman

The Minneapolis College of Art and Design plans to fully occupy the building with students by fall 2024. Current tenants will be allowed to remain until the end of their leases.

Players

RC
Randolph Street Realty Capital
SELLER

Details

SOLD
IMAGE: Jonathan Saliterman & Brock Rasmussen DATE: 06/01/2023 ADDRESS: 113 26th Street East MARKET: Minneapolis ASSET TYPE: Mixed-use BUYER: The Minneapolis College of Art and Design - Brock Rasmussen & Annie Cleveland SELLER: Randolph Street Realty Capital - Jonathan Saliterman SALE PRICE: $16,400,000 UNITS: 70 ~ PPU: $234,286 NOTE: The Minneapolis College of Art and Design has purchased a 70-unit apartment building for $16.4 million to be used as student housing, as part of its plan to expand its campus and increase its student body to 1,000 by 2030. Current tenants will remain until their leases end, and the building will be fully occupied by students by fall 2024.

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