Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catalyst and other research.
Monday is the first day of spring, but developers aren’t waiting for the calendar to start construction season. In Rosemount, Plymouth-based Roers Cos. has secured the site and started work on Wicklowe, a 214-unit apartment building it’s developing at 14211 Akron Ave.
Roers Rosemount Apartments LLC paid $2,992,914 to Akron 42 LLC, an entity related to the Plymouth office of Miami-based Lennar. The sale closed Feb. 16, according to a certificate of real estate value published this month by the Minnesota Department of Revenue.
Lennar is developing single-family homes to the south and east. Minneapolis-based Kaas Wilson Architects designed Wicklowe, while Roers’ in-house construction group is building it. Completion is slated for fall 2024.
Roers Cos. has about 3,850 multifamily units under construction in Minnesota, Texas, Wisconsin, Utah, Arizona, Florida and Colorado, according to company information. It has 20 additional projects in the pipeline for 2023 and will add North and South Carolina to its map. The pipeline includes 18 new developments and two resyndication/renovation projects of affordable housing communities in Texas. The pipeline for Roers includes eight affordable projects and two workforce projects, with the remainder market-rate.
Place: 14211 Akron Ave., Rosemount
Price: $2,992,914; no down payment listed
Buyer: Roers Rosemount Apartments LLC, Plymouth
Seller: Akron 42 LLC, Plymouth
Land Bank Twin Cities buys former Sunrise Banks HQ
Sunrise Banks, which opened its current headquarters in St. Paul in 2017, has sold its former headquarters to Land Bank Twin Cities.
An entity related to Land Bank has paid Sunrise $3.2 million for the four-story, 28,814-square-foot brick office building at 2515 Wabash Ave. The multitenant building was developed in 1982 on 2.06 acres. Sunrise moved in 2017 to a new, larger building at 200 University Ave. W.
Joe Hughes and Judd Fenlon of Grand Real Estate Advisors in St. Paul represented Sunrise.
Eddie Landenberger of Assembly MN in St. Paul represented Land Bank.
The Land Bank plans to use part of the building and lease the rest, Hughes said.
Land Bank’s website explains that it focuses on strategic real estate opportunities to benefit people with low to moderate incomes, prioritizing people of color and populations facing barriers.
“Because we envision a time when all people have the opportunity to live and prosper in a community of their choice, we work to give mission-driven organizations the edge in real estate. We serve developers, nonprofit service providers, and government through brokering, land banking, and lending, to the benefit of our mission,” the site explains.
Place: 2515 Wabash Ave., St. Paul
Price: $3.2 million; no down payment listed; new mortgage; $111.06 per square foot
Buyer: LB 2515 Wabash LLC, Minneapolis
Seller: Sunrise Banks National Association, St. Paul
Correction: This article has been revised to indicate that Roers Cos. is based in Plymouth.