Minneapolis luxury rental complex sells for record $120M

A luxury rental complex in Minneapolis’ Marcy Holmes neighborhood has changed hands for $120 million, marking the highest-priced multifamily property sale in the Twin Cities for 2023. 

The Expo, a 369-unit complex, was purchased by Bigos Management Inc. based in Golden Valley and Oak Grove Capital Inc. from St. Paul, the Minneapolis/St. Paul 

Business Journal reported.

The seller was a joint venture between Twin Cities developers Gary Holmes and the late Kelly Doran.

The sale beats other notable multifamily property deals of 2023 in the Twin Cities region. 

Weidner Apartment Homes, headquartered in Kirkland, Washington, made significant investments, including a $111 million acquisition of a portfolio of Uptown Minneapolis apartment buildings, a $70 million purchase of Nic on 5th in downtown Minneapolis, and a $50 million deal for LPM Apartments near Loring Park. Additionally, Arrive Minnetonka, a 435-unit apartment community in a western suburb, fetched $89 million when it was sold in November to San Francisco-based FPA Multifamily.

The Expo property — including parcels at 200 University Ave. SE., 215 Second St., 223 Third Ave. SE, and 229 Second St. SE — has an estimated market value of $130 million for tax purposes.

The complex features 369 residential units across a tower and a six-story mid-rise building, along with 12 street-level townhomes and over 3,300 square feet of commercial space. Amenities include a rooftop terrace with a heated pool, private movie theater, hot tub, game room, and a rooftop dog park.

The sale equates to about $325,200 per unit.

Bigos Management Inc. has a track record of significant acquisitions, including the $14.75 million purchase of District 600, a 78-unit North Loop apartment building, in 2021, and the $55 million acquisition of Central Park West, a 199-unit St. Louis Park apartment building.

Representatives from CBRE, including Keith Collins, Ted Abramson, and Abe Appert, represented the seller. 

— Ted Glanzer