Weidner Apartment Homes Acquires The Nic On 5th Multifamily Building In Minneapolis For $70M

The Nic on 5th, a 253-unit apartment building located at 465 Nicollet Mall in downtown Minneapolis, has been sold for its original construction cost of $70 million. The buyer, Weidner Apartment Homes, acquired the multifamily property from the seller, AEW Capital Management. Despite being below its estimated market value in 2022, the sale garnered significant investor interest, indicating confidence in the downtown Minneapolis recovery.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $70,000,000
• Address: 465 Nicollet Mall, Minneapolis
• Market: Minneapolis
• Buyer: Weidner Apartment Homes - Dean Weidner
• Seller: AEW Capital Management - Jeff Furber
• Brokers: Abe Appert, Keith Collins & Ted Abramson - CBRE
• Units: 253
• Price per Unit (PPU): $276,680

The transaction involved various key individuals and companies. Dean Weidner, representing Weidner Apartment Homes, served as the buyer in this deal. Jeff Furber, the CEO of AEW Capital Management, acted as the seller. The brokers involved in the transaction were Abe Appert, Keith Collins, and Ted Abramson from CBRE.