CBRE Arranges Sale of Seven-Property, 679-Unit Multifamily Portfolio Spanning Twin Cities

CBRE has arranged the sale of a seven-property, 679-unit multifamily portfolio located throughout the Minneapolis–St. Paul metropolitan area. FPA Multifamily, a real estate investment firm based in San Francisco, purchased the properties from Centerspace, a multifamily real estate operator, for an undisclosed amount.

CBRE’s Ted Abramson, Keith Collins, and Abe Appert represented the seller in the transaction.

The portfolio ranges from historic rehabs in the North Loop to contemporary, boutique-style assets in the Edina and South Minneapolis submarkets. Several properties have undergone renovations, including modern finishes, smart home technology, and enhanced amenities. All seven properties are equipped with SmartRent technology, ButterflyMX Systems for secure entry, Luxer One package lockers, Yale smart locks, and Alloy-monitored leak sensors.

The portfolio includes:

• Freightyard Townhomes & Flats, a 96-unit property located at 50 N. Fourth Ave. in Minneapolis.
• The Venue on Knox, A 97-unit property located at 2893 Knox Ave. S. in Minneapolis.
• Woodhaven, a 176-unit property located at 6045 Lyndale Ave. S. in Minneapolis.
• New Hope Garden & Village, a 150-unit property located at 5615 Xylon Ave. N. in New Hope.
• Grove Ridge, an 84-unit property located at 8120 East Point Douglas Road S. in Cottage Grove.
• Elements of Linden Hills, a 31-unit property located at 4525 France Ave. S. in Minneapolis.
• Zest, a 45-unit property located at 5426 Nicollet Ave. in Minneapolis.

“This portfolio attracted a wide range of investors, both local and national, thanks to its unique mix of scale and offerings,” said Abramson. “That diversity led to a variety of offers, including bids on the full portfolio, sub-portfolios, and individual assets. Ultimately, it made the most sense to move forward with a portfolio group.”