Two years after developing Vintage on Selby, Ryan Cos. US Inc. and The Excelsior Group have sold their 210-unit luxury apartment building with a Whole Foods Market for $87 million.
Swiss insurance company Zurich North America is the buyer, according to a press release by CBRE Minneapolis, which represented Ryan and The Excelsior Group on the transaction. It’s Zurich’s first property in Minnesota.
Vintage on Selby, near the corner of Selby Avenue and Snelling Avenue in St. Paul, includes 210 apartments, a 40,000-square foot-Whole Foods, 495 parking stalls and high-end amenities like a rooftop terrace with a swimming pool, a gourmet kitchen, fitness center, yoga room and a natural turf backyard.
“This sale once again demonstrates new investor interest in our market and the continued popularity of urban infill multifamily properties,” said CBRE’s Abe Appert, who arranged the sale along with Keith Collins, Ted Abramson and Laura Hanneman.
The deal involves many of the same players who built and sold 222 Hennepin in downtown Minneapolis for $109 million in 2015. That 268-unit project also has a Whole Foods and was developed by Minneapolis-based Ryan and St. Louis Park-based Excelsior Group.
September 27, 2017 | By Minneapolis/St. Paul Business Journal, Nick Halter | Original Article