New York City-based investment firm The Praedium Group said Monday that it has acquired Maverick North Loop, a ritzy residential complex developed by San Francisco-based Shorenstein and Minneapolis’ Ryan Cos. US Inc.
A spokesperson for Praedium declined to disclose the purchase price, and the sale does not appear to have been documented by the Hennepin County property records department as yet. The company did not use a broker during the transaction.
Neither Shorenstein nor Ryan Cos. immediately responded to a request for comment.
The 168-unit complex at 120 Hennepin Ave. in Minneapolis was completed in March 2017. The Maverick consist of a six-story building with 155 apartments and 5,095 square feet of ground-floor retail space, in addition to a row of 13 townhomes on First Avenue North. About half of the retail space is occupied by a Starbucks coffee shop.
The property was designed by Minneapolis-based ESG Architects to evoke a luxurious North Woods cabin, according to the Maverick’s website, with a fireside lounge, fitness center and a terrace with a pool and stunning views of downtown, among many other amenities.
Units range in size from studios to three bedrooms.
The Maverick was assessed at $57.4 million for taxes payable in 2019, according to Hennepin County property records.
At present, Praedium has no other holdings in the Twin Cities, though it has owned other properties here in the past. In June 2016, Praedium and its investment partner CAPREIT sold The Addison apartments in Shakopee to The Hartford Financial Services Group Inc. and Westerville, OH-based White Oak Partners for $47.75 million.
Please see CoStar COMPS #4204731 for additional information on this latest transaction.