210-Unit Whole Foods-Anchored Luxury Apartment Community in St. Paul Sells to New York Investor for $87 million
CBRE Multifamily represented Ryan Companies and The Excelsior Group in the sale of the Vintage on Selby, a new construction multifamily project with 210 apartments and a 39,506-square-foot Whole Foods grocery store, for $87 million to an affiliate of Zurich North America (advised by Zurich Alternative Asset Management, “ZAAM”). ZAAM was represented by Chris Edgar, Director of Multifamily Acquisitions and Sean Bannon, Managing Director, Head of US Real Estate.
Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman in CBRE’s Minneapolis office arranged the sale on behalf of the owner, The Vintage on Selby, LLC, an entity-related to Ryan Companies and The Excelsior Group, which developed the property in 2015. The sale is the first multifamily acquisition in the Minneapolis metro area for Zurich.
“This sale once again demonstrates new investor interest in our market and the continued popularity of urban infill multifamily properties,” said Mr. Appert, executive vice president. “The lifestyle offered at the Vintage on Selby with the connectivity to Whole Foods, a bustling urban neighborhood and best-in-class amenities is attracting top-tier renters with high incomes.”
Completed in 2015, the Vintage on Selby offers a modern luxury living experience in an urban neighborhood setting with vintage charm. With a prime location at the intersection of Snelling Avenue and Selby Avenue in St. Paul, the Vintage offers great proximity to both the Minneapolis and St. Paul CBDs and the future Major League Soccer stadium on University Avenue.
The building features a mix of units ranging from studios to three bedrooms. The units are 9 percent larger on average than other new construction properties in the Twin Cities metro area. The Vintage on Selby features luxury amenities unmatched in the neighborhood including a rooftop terrace with outdoor lap swimming pool, a fitness center and yoga room, a 6,000-square-foot natural turf backyard, club room with gourmet kitchen, electric car charging stations and bike storage.
The property includes 495 parking stalls below ground and in attached covered ramp for resident and retail use. The Vintage on Selby is also served by bus rapid transit on Snelling Avenue and is within walking distance of the Green Line light rail.
The CBRE team previously represented Ryan Companies in the sale of 222 Hennepin, another new construction multifamily project with a Whole Foods grocery store in downtown Minneapolis.
About CBRE Group, Inc.
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 (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Zurich
Zurich Alternative Asset Management (“ZAAM”) is the alternative investment adviser to Zurich North America and its affiliates (“Zurich”) that is responsible for the group’s hedge fund, private equity and US real estate investments. The ultimate parent of Zurich is a publicly traded firm, one of the world’s largest insurance companies.
Zurich’s directly owned portfolio in North America is comprised of more than 200 properties in 30 states, aggregating more than 20 million square feet of commercial real estate space. The program focuses on core investments, targeting stabilized office, retail, multifamily and industrial assets in 20 major US markets and has invested approximately $1.4 billion over the past 48 months. The US Real Estate portfolio is approximately $2.5 billion.