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Bader buy connects Calhoun Towers to transit, affordability

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Bader Development has purchased a piece of Minneapolis land where it will build the most affordable apartments in a planned 744-unit expansion of the Calhoun Towers.

Minneapolis-based Bader paid $3.02 million for 0.93 acres of land at 3421 Lake St. W., according to a certificate of real estate value recently made public. The land is adjacent to the north end of the existing Calhoun Towers property, and is a short walk from the shores of Bde Maka Ska (formerly Lake Calhoun).

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Some developers got a jumpstart on SWLRT

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After years of turmoil, it appears that the Southwest light rail line will finally get built. But for some bullish developers, it never really mattered. 

Several developers already broke ground — or will soon — on projects that will add at least 2,100 apartments near future light rail stops. 

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Bader Development Sells a Pair of St. Louis Park Buildings

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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.

 Read more here.

The top apartment sales of 2018

Investors buying into the Twin Cities apartment market in 2018 were split on buying old and new.

Prominent in the market this past year were investors snapping up new apartment buildings, some by the portfolio full. The trend saw these investors, also known as “core” investors, ramping up their purchases the Twin Cities market, said Ted Abramson, a senior vice president with the Minneapolis office of CBRE.

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Chicago-based Mesirow Financial purchased the side-by-side Ellipse on Excelsior and e2 apartments in St. Louis Park in a package deal that freed up cash for seller Bader Development, which is investing in its massive Calhoun Towers project and properties in the Dallas-Fort Worth area. The mixed-use complex includes 15,762 square feet of retail space occupied by Mill Valley Kitchen, a nail salon, a pediatrics clinic, and a physical therapy clinic. The property received more than 10 purchase offers and drew a price that worked out to one of the highest average prices paid per unit in 2018, even though the transaction came in the first month of the year.

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West Lake Street Looks Skyward in Minneapolis 2040 Plan

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You might not find single-story strip malls under construction along West Lake Street by 2040.

In fact, under the Minneapolis 2040 draft land use plan released March 22, most of the east-west thoroughfare would be designated for recommended or mandatory multi-story development. In some areas of the Lyndale, Uptown and West Calhoun neighborhoods, especially near Interstate 35 and the future West Lake Street light rail station, the plan would go much further, calling for buildings of 15 to 30 stories on properties currently occupied by single-story structures and parking lots.

Read more here.

Bader buys Victoria Apartments from Beard Group

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After spending much of 2018 selling and developing apartments, Bader Development has purchased an apartment building in Victoria that is nearly full after opening early this year.

The upscale apartment building at 1699 Stieger Lake Lane is in downtown Victoria and is two blocks north of Highway 5.

Read more here.