Main Street Cos. now owns Courtwood Village 2, a two-story apartment complex in Prior Lake, MN which was finished just over two months ago.
An entity tied to St. Louis Park-based multifamily investor Main Street paid nearly $8.06 million in cash for the 54-unit apartment building at 17088 Adelmann St. SE in Prior Lake. The new building’s name references a housing complex immediately to its south, Courtwood Village Condominiums, which was built in 2006.
“[Courtwood Village 2] is a very nice property,” Kasbohm said on Thursday. “We like Prior Lake and already have 37 units there, so we thought this would be a good way to get some size there. It was a fair price too.”
The seller is Courtwood Holdings LLC of Plymouth, which is tied to Brummer Properties.
The deal closed on Feb. 6, according to the certificate of real estate value. The price works out to about $149,000 per unit.
Kasbohm said the two did not use brokers, but represented themselves during the negotiations.
Brummer gave only a brief statement confirming the details of the transaction when contacted on Thursday. He said that no other properties were included in the sale.
Main Street has been actively buying, selling and developing properties over the last year. In December, Main Street sold Granite Woods apartments, a 213-unit complex on the 3900 block of Lancaster Ln. N. in Plymouth, to Bellevue, WA-based Curtis Capital Group for $24.5 million.
During that same time, Main Street paid Eagan businessman Jack Hurley $18.6 million for the Grand Pre Apartments by the Park, a 216-unit apartment building at 200 Winthrop St. S. in St. Paul.
In March, Main Street hopes to begin construction on The Elmwood, a five-story, 70-unit mixed-use development at 5605 W. 36th St. in St. Louis Park that would include commercial space on the ground floor and senior housing above.
