A Tampa businessman and philanthropist has purchased the Minneapolis Marriott Northwest in Brooklyn Park for $29.3 million.
According to an electronic certificate of real estate value, an affiliate of Boston-based Long Wharf Real Estate Partners LLC sold the 231-room hotel to Dr. Kiran Patel, who is the founder of WellCare Health Plans Inc. and a real estate investor, earlier this month.
The hotel, which used to be known as the Northland Inn, has a 50,000-square-foot conference center and is located close to Interstate 94 and Hwy. 169. According to media reports, Patel recently opened the Wyndham Grand Clearwater Beach Resort.
Nicole Norfleet
Washington investor pays $32M for Cottage Grove apartment building
Another suburban Twin Cities apartment complex has a new out-of-state owner. Bellevue, Wash.-based Curtis Capital Group paid $32 million for Hinton Heights, a 249-unit apartment complex at 7750 Hinton Av. S. near 80th Street and Hwy. 61 in Cottage Grove.
The seller was Cottage Grove Investors IV Limited Partnership, an entity related to the St. Louis Park-based Belgarde Property Services, which owns several large apartment communities in Minnesota, Iowa and South Dakota. The sale, which closed at the end of February, works out to $128,514 per unit.
The multi-building complex was built in the 1990s. Like many projects of the same vintage, Hinton Heights has a clubhouse with a community room, fitness center and indoor swimming pool. The building has one- to three-bedroom units with an overall average of 1,081 square feet. At the time of sale, the building was 98.4 percent occupied.
The deal was facilitated by the Minneapolis-based team of Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE Multifamily.
Jim Buchta
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