Minneapolis College Of Art And Design Acquires Mixed-use Building In Minneapolis For $16.4M
113 26th Street East Minneapolis, Minnesota 55408, USA
$16,400,000
Units
70
Asset Type
Mixed-use
Closing
Jun 1, 2023
AI
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
Minneapolis Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.97%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93