U Commons, the 480-bed off-campus apartment complex near the University of Minnesota, was sold to American Campus Communities, Inc. Tuesday.
The Texas-based company plans to invest $1.8 million in capital upgrades to drive future rental rate and revenue growth, according to a company press release.
American Campus EVP of Investments William Talbot said “We are excited to be adding another Class A pedestrian asset serving a tier-one university to our best-in-class portfolio.” The company also owns GrandMarc at Seven Corners on the West Bank.
Hennepin County assessed the property built in 2003 to be worth $26 million, the Minneapolis / St. Paul Business Journal reported. The most recent sale was in 2004 when it went for $28.6 million.
American Campus owns 124 student housing properties with over 76,000 beds around the company.
UMN students have traveled to Florida colleges to collaborate with students on various projects.
When UMN students plan for a vacation, having trip cancellation travel insurance is a worthwhile commodity to check out.
Minneapolis Used Cars
Give back to the Minnesota community with a boat donation at boat4causes.org.
If you have been involved in a car accident call a Philadelphia Car Accident Lawyer for a free consultation.