Twin Cities-based Bader Development sold a pair of side-by-side apartment buildings it developed in St. Louis Park to Chicago-based investment firm Mesirow Financial. CBRE Multifamily’s Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman represented Bader in the sale of the 190-unit Ellipse and e2 Apartments.
The deal closed Feb. 28; terms were not disclosed. The Ellipse has 132 units and was built in 2010 at 3920 Excelsior Blvd. That project is immediately adjacent to e2, a 58-unit building at 3924 Excelsior Blvd. that was completed in 2014. Both properties have five levels of apartments over a heated underground parking garage.
The Ellipse also has 15,762 square feet of commercial space occupied currently by Mill Valley Kitchen, Honey Nails, Partners in Pediatrics/Children’s MN and Viverant Physical Therapy. The properties have two rooftop decks, two fitness centers, two outdoor living areas, a group fitness studio with on-demand classes, a club room and a state-of-the-art secure resident package system.
In a statement, Alasdair Cripps, chief executive and co-chief investment officer of Mesirow Financial’s Direct real estate business, said “The amenities, proximity to retail and services, and unparalleled location make these properties ideal for residents in Uptown Minneapolis and St. Louis Park.”
In late 2016, Bader bought the 21-story Calhoun Towers apartment building in St. Louis Park and recently announced plans to develop the surrounding property.