Terra Investment Group & Bedford Property Group Purchase Schurmeier Lofts For $9.3M

The Schurmeier Lofts, a 42-unit apartment building located at 330 East 9th Street in Saint Paul, Minnesota, was recently sold for $9.3 million to Terra Investment Group and Bedford Property Group. The property, originally purchased in 2018 by CCI Properties, underwent significant rehabilitation led by Ed Conley, transforming it from a condemned state to a fully leased building with modern amenities and a historic brick exterior.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $9,300,000
• Units: 42
• Price Per Unit: $221,429
• Address: 330 East 9th Street
• Market: Saint Paul, Minnesota

The sale of The Schurmeier Lofts was facilitated by brokers Doug McNicoll and MaryPat McNicoll of MRG Realty Partners. This transaction highlights the attractiveness of the Twin Cities multifamily market to out-of-state investors, drawn by the favorable real estate fundamentals and quality of life in Minnesota.