Minneapolis, JULY 27, 2016 – CBRE Multifamily has arranged the $9.4 million sale of the Coze Flats, a 48-unit sustainable apartment community near the University of Minnesota and Northeast Minneapolis comprised of many “micro” units. Ted Abramson, Keith Collins, Abe Appert and Laura Hanneman in CBRE’s Minneapolis office represented the seller, Solhem Companies.
The building is located at 628 University Avenue Southeast between the University of Minnesota and the Mississippi River. With the smallest studios sized at just 402 square feet, Coze Flats tested the waters for efficient “micro” apartments in the Minneapolis-St. Paul market when it opened in 2014. The average unit is 469 square feet. The $9.4 million purchase price works out to $419 per rentable square foot. The building was 96 percent occupied at the time of sale.
“Coze Flats is an extremely unique property with access to three dynamic Minneapolis neighborhoods that are and will continue to be very attractive to the targeted renter demographic,” said First Vice President Ted Abramson.
The building features studio and one-bedroom units, a rooftop deck, fitness studio, a lobby and community gathering space and washers and dryers in every unit.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
