Dallas, TX-based University Partners has purchased the Stadium View Apartments, a nine-story, 277-unit student housing complex in the heart of the University of Minnesota’s flagship campus.
An entity tied University Partners paid $69.4 million for the 16-year-old structure at 2508 Delaware St. E. in Minneapolis in a transaction closed last Thursday, according to a certificate of real estate value. The price works out to roughly $251,000 per unit.
The seller is BVP Stadium View LLC, which is tied to Blue Vista Capital Management of Chicago. BVP acquired the asset from Lowe Enterprises Investment Management LLC back in May 2010 for $42 million ($152,000 /unit), according to CoStar data.
See CoStar COMPS #1915746.
Executives from Blue Vista and University Partners did not immediately respond to a request for comment on the latest sale.
The 546,882-square-foot building sits on a 2.6-acre lot just north of the interchange between Interstate 94 and Huron Boulevard, a busy entry point into the University of Minnesota campus. It is on a block bounded by Huron to the west, Essex St. SE to the south, 26th Ave SE on the east and Delaware to the north.
Please see CoStar COMPS #4134078 for additional information on this transaction.