CBRE Multifamily has arranged the $9.4 million sale of the Coze Flats, a 48-unit sustainable apartment community near the University of Minnesota and Northeast Minneapolis comprised of many “micro” units.
The building is located at 628 University Avenue Southeast between the University of Minnesota and the Mississippi River. With the smallest studios sized at just 402 square feet, Coze Flats tested the waters for efficient “micro” apartments in the Minneapolis-St. Paul market when it opened in 2014. The average unit is 469 square feet. The $9.4 million purchase price works out to $419 per rentable square foot. The building was 96 percent occupied at the time of sale.
The building features studio and one-bedroom units, a rooftop deck, fitness studio, a lobby and community gathering space and washers and dryers in every unit.
Ted Abramson, Keith Collins, Abe Appert and Laura Hanneman in CBRE’s Minneapolis office represented the seller, Solhem Companies.