CAPREIT Acquires Minneapolis Grand for $11.2M

CAPREIT, a Maryland-based property investment firm, purchased the Minneapolis Grand multifamily building at 2401 Chicago Ave. in Minneapolis, MN from Base Management for $11.15 million, or about $124,000 per unit. The 90-unit, 104,734-square-foot apartment community was built in 2004 on nine-tenths of an acre in the Phillips submarket of Hennepin County, one block south of Peavey Field. It is comprised of 46 one-bedroom and 44 two-bedroom units, with 18,000 square feet of ground-floor retail space. Ted Abramson and Keith Collins of CBRE represented the seller. The buyer handled the acquisition in-house.

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