Apartment and office condo property Riverwalk Townhomes and Flats has sold for $19.2 million, according to a Cushman & Wakefield announcement. The deal closed Dec. 15.
Seattle-based Goodman Real Estate, a real estate investment company that specializes in multifamily and commercial real estate, bought the 96-unit apartment complex in the North Loop neighborhood of Minneapolis. The seller, represented by Cushman & Wakefield, was the James Stanton Estate, of the late real estate figure Jim Stanton who developed more than 6,000 home sites in 28 cities during his career before his death in June.
Included in the sale are 40 townhouse units, 56 flats, and 10,000 square feet of office condo space. Riverwalk attracted 19 offers, six of which came from out-of-state investors, according to the press release.
The Riverwalk complex was originally a freight house for Northwestern Railroad, undergoing a renovation in 1986. Units feature exposed brick and timber, and high ceilings. Located at 50 N 4th Ave. in the up and coming neighborhood of the North Loop, the location allows for easy access to downtown Minneapolis and popular destinations such as Target Field.
It appears that this is Goodman Real Estate’s first acquisition in the Twin Cities. The real estate company’s assets are valued at $2.5 billion.