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Ramsey Apartment Complex Fetches $28.56M
A five-year-old apartment building in Ramsey appears to have been a good investment for the out-of-state investor that bought the property in 2018. Curtis Capital Group of Bellevue, Washington, sold the 121-unit Park View East building at 14450 Rhinestone St NW for $28.56 million, according to a certificate of real estate value made public Tuesday. Curtis Capital paid $22 million for the building in 2018. The real estate document lists the buyer as PA Parkview SPE LLC, which shares the same address as MinnDakotaProperties. Edina-based MinnDakota Properties “acquires and self-manages rental properties across the Twin Cities,”according to its website.
Matt Mullins, a vice president with Maxfield Research, a Minneapolis-based residential real estate consulting firm, said the price for the Ramsey property is attractive for a five-year-old suburban asset. The average rent at Park View East is about $1.60 to $1.70 per square foot, Mullins noted. Newer Class A apartments are renting for more than $2 per square foot, which is enough to justify higher sale prices, Mullins said.
Ramsey’s demographics are solid overall. Mullins said the overall apartment vacancy rate in the city is below 2% and the average income is about $100,000 per household. From a location standpoint, Park View East is near the 300-acre COR (Center of Ramsey) downtown development site, where the city is promoting multifamily development in a walkable, transit-oriented environment. The city has seen a fair amount of senior and traditional multifamily development there in the past five to six years, Mullins said. “It’s a neat neighborhood up there and they have done a lot to try to create a mixed-use community,” he added. Source: Finance & Commerce
MN DEED Hosting Several Events for Twin Cities Startup Week (September 16-23, 2022)
Grants, Loans & Advice: State Supports for Startup Businesses & Entrepreneurs
Monday, September 19, 2022 9:00 - 11:00 am
In-person at 180 East 5th St, St. Paul
To kick off Twin Cities Startup week, The Minnesota Department of Employment and Economic Development (DEED) is sponsoring an in-person open house, using a trade show format, where attendees can learn about the many financing and technical assistance programs DEED offers startups and entrepreneurs.
We will be hosting this event in our new space at the Great Northern Building located at 180 East 5th Street in downtown St. Paul. Event will be held on the 2nd Floor (skyway level) in the Executive Conference Rooms.
Meet with program staff to discover the ins and outs of:
• Launch Minnesota Grants
• The Angel Tax Credit Program
• The Emerging Entrepreneur Loan Program
• The State Small Business Credit Initiative (loan, loan guarantee, and equity investment programs)
• The Small Business Assistance Office
• The Small Business Development Centers
• The Minnesota Trade Office
• And several other programs!
Ask Me Anything: Launch Minnesota Board of Advisors
What: Networking, Q&A, Information Sharing
Time: Monday, September 19th 11:00 am - 12:00 pm
Speakers: All board members
Description: Launch Minnesota’s Board of Advisors includes successful entrepreneurs, corporate innovators, experienced investors, higher education leaders and more. This is your time to ask them anything! Bring your questions about funding, corporate connections, innovation and more.
Navigating Minnesota's Startup Resources
What: Open House in partnership with Forge North
Location: 2043 Office, 400 North Wabasha St. Space 430, St. Paul
Time: Tuesday, September 20th 8:30 - 10:00 am
Description: Minnesota’s entrepreneurial support organizations have resources for startups from all industries and stages. This informal meet-and-greet session will allow attendees to explore available resources so they can connect with the right people at the right time for their business.
Powering Your Startup with Government Funding
What: Q&A, Information Sharing
Location: Community hub
Time: Tuesday, September 20th 3:30 - 4:15 pm
Speakers: Pat Dillon - MN SBIR/STTR Accelerator (Federal), Neela Mollgaard - Launch Minnesota (state), Mary Rick - City of St. Paul, Patricia Fitzgerald - Hennepin County Housing and Economic Development. Elevate Business (Hennepin County)
Description: Could a federal or state entity be your startup’s next investor? Both national and local governments are supporting startups through grants, partnerships, education and more. Launch Minnesota will introduce you to a few of the many funding opportunities in this space and provide tips for making successful connections with government entities.
Future of our Communities and Cities
What: Panels, Food, Open House
Location: Sabathani Community Center, South Minneapolis
Time: Saturday, September 17, 8:30 am - 5 pm
Description: A full day event featuring panels, food and an open house. Event includes Launch MN panelist discussing how we are helping remove barriers for BIPOC entrepreneurs to access tech and resources.
Learn More and Register
Twin Cities Startup Week is September 16 - 23, 2022 with events happening all week. To see all Twin Cities Startup Week Events or to register, visit https://www.twincitiesstartupweek.com