Posted: 4:19 pm Fri, January 20, 2012
By Burl?Gilyard
Tags: apartment vacancy, Bennett Lumber, commercial real estate, Community Planning and Economic Development, Greystar Real Estate Partners, Park Place Apartments, Sherman Associates
The former home of Bennett Lumber in south Minneapolis has long been eyed for redevelopment. An out-of-town buyer has now purchased the 5.6-acre site. (Staff photo: Bill Klotz)
Firm manages, develops apartments
Greystar Real Estate Partners, a large national apartment owner and developer, has paid $5.65 million for the vacant former home of Bennett Lumber in the Uptown area of south Minneapolis.
The site?s previous local owners outlined plans for up to 710 apartments for the site, which stretches across three blocks along the northern edge of the Midtown Greenway.
The Charleston, S.C.-based Greystar is involved in multifamily investment, development and property management. According to its website, the company manages more than 180,000 apartments in more than 100 U.S. markets.
A representative of Greystar did not return phone calls seeking comment on the deal.
Despite its national presence, Greystar is a new player in the Twin Cities market. In late August, the company paid $54.7 million for the 500-unit Park Place Apartments in Plymouth, one of the largest local apartment deals in several years.
But the company clearly will build, as well as buy, projects. In the Dallas, Texas, suburb of Lakewood, Greystar is building a 435-unit Class A apartment complex.
A certificate of real estate value (CRV) for the Bennett Lumber deal was filed on Friday with Hennepin County. The document did not indicate the closing date of the transaction. The listed buyer was Uptown Joint Venture LLC. The LLC?s address matches an address for Greystar?s office in Houston, Texas.
The land was previously owned by two local groups: Uptown Aurora Properties LLC and JPG-OFG LLC. Records show that the properties sold for $3.75 million in 2006.
James Gearen, a local commercial real estate executive who was part of the previous ownership group, did not return a call seeking comment about the transaction.
The site includes several parcels, but the main addresses include:
- 2828 Emerson Ave. S.
- 2828 Dupont Ave. S.
- 2836 Colfax Ave. S.
The city of Minneapolis assembled an environmental assessment worksheet (EAW) for the proposed redevelopment of the 5.6-acre site. In May, the City Council voted that a more in-depth environmental impact statement (EIS) would not be required.
Hilary Dvorak, a senior planner with the city?s Community Planning and Economic Development (CPED) department, said that developers previously secured city approvals for 217 apartments on the easternmost parcel. No plans have been submitted for the other two parcels.
The Bennett Lumber site has been eyed for redevelopment for years. During the condo boom, Minneapolis-based Sherman Associates envisioned a plan for 150 to 170 units on the site, but that plan never moved forward.
In the current climate of continued uncertainty in the housing market, apartment vacancy has tightened significantly. At the end of September, Minneapolis-based Marquette Advisors reported apartment vacancy across the Twin Cities at 2.3 percent.
The Uptown area has been a draw for apartment developers. Marquette Advisors reported a vacancy rate of 1.8 percent for southwest Minneapolis at the end of the third quarter.
Minneapolis-based Greco is wrapping up work on Flux, a market-rate apartment complex with 216 units at 2838 Fremont Ave. S. in Minneapolis, just west of the Bennett Lumber site. Plymouth-based Dominium is under way on a conversion of the Lehmann Center building at 1006 Lake St. W., where plans call for 136 affordable apartments. That project is on the other side of the Midtown Greenway from the Bennett Lumber property.
There are other plans on the books. Greco has also proposed approximately 170 market-rate apartments at 2900 Lyndale Ave. S., a vacant corner lot.
Source: http://finance-commerce.com/2012/01/greystar-buys-bennett-lumber-site-in-uptown/
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