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Luxury Student Rental Community Near University of Minnesota Sells for $26 Million


MINNEAPOLIS, MINN. — October 2, 2020 — Roers Companies and Reuter Walton Development closed yesterday on their $26 million off-market sale of 118-unit Spectrum Apartments & Townhomes to a private investor. The resort-style community located near the University of Minnesota welcomed its first residents in August of 2017, and was the only student apartment community with an outdoor pool when it opened.

In addition to the popular pool deck, Spectrum offers an impressive amenity mix including a year-round outdoor hot tub, rooftop deck with skyline views, fitness center, yoga studio, study rooms, a club room, coffee lounge, dog wash station, dog park, tanning facility, patio cinema, rooftop community garden, bike storage and repair room, and heated garage parking. The premium finishes, pet-friendly community and variety of floor plans draw steady interest from renters — most of whom are university students or recent graduates.

Spectrum has maintained high occupancy since opening. The property is currently 97% occupied, and its 16 four-bedroom townhomes fill quickly each year. The unit mix includes studios, alcoves, one-bedrooms, and two-bedrooms.

“This was our first project in Minneapolis in the Marcy Holmes neighborhood of Minneapolis, which is surrounded by the most popular neighborhoods in Minneapolis: Dinkytown and the University of Minnesota, Northeast, and Downtown. We’re pleased to deliver a strong financial result for our private investors,” said Kent Roers, owner of Roers Companies.

Roers Companies’ sister firm Core Living will retain management of the community.

NEWS COVERAGE

You can read about the sale in several articles published since the sale:

Finance & Commerce (requires subscription)

Minnesota Real Estate Journal

Minneapolis/St. Paul Business Journal

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