CBRE Multifamily represented a joint venture between FIDES Investment, LLC, CPM, and a privately held investment firm in the sale of Isles East and West, a pair of vintage apartments with 85 total units in the Uptown area of Minneapolis, for $13.685 million.
Ted Abramson and Laura Hanneman in CBRE’s Minneapolis office represented the sellers, Dupont Court Investors, LLC and Emerson Court Investors, LLC. The buyer is Cedar South Pointe, LLC. The sales are the final buildings which were part of an 11-property portfolio that the same CBRE team sold to the sellers and its affiliates in 2014.
Isles East, at 1101 and 1105 West 28th Street, contains 42 units and sold for $6,762,000. Isles West, at 1115 and 1125 W 28th Street, contains 43 units and sold for $6,923,000. The sale works out to $161,000 per unit.
Both properties, located along West 28th Street between Dupont Avenue and Emerson Avenue, were constructed in 1922 and feature high ceilings, wood floors and large windows with vintage character. The buildings offer a mix of studio, one- and two-bedroom units with ample on-site parking for residents.