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TH Real Estate, the investment management arm of TIAA-CREF Investment Management LLC and nearly 80 other funds, purchased two student housing properties serving the University of Minneapolis from Doran Companies for $93 million, or about $299,000 per unit.
The Bridges, located at 930 University Ave. SE, is composed of 210 units configured as 360 beds and the Knoll, at 1101 University Ave. SE, is composed of 101 units configured as 226 beds.
Kelly Doran said the sale of The Bridges and The Knoll is a bittersweet moment as, at least temporarily, he ends a seven-year development spree that began in 2010 with Sydney Hall – the trend-setting development named for his daughter that kicked off the run of six premier student housing projects he built at the University’s Dinytown development. The sale represents the final two student housing properties built by Doran at the University as the firm pivots to continued ownership of retail assets and development of multifamily projects in Minneapolis and the Twin Cities suburbs.
Byron Moger with Cushman & Wakefield in Tampa, and Lance Steiger and Connie Doran of Cushman & Wakefield / NorthMarq, represented the seller. The buyer handled the deal in-house.
Please See CoStar COMPS #3952100 for more information on this transaction.
