Newmark arranged the sale and $36 million financing of a two-property student housing portfolio serving the University of Minnesota in Minneapolis.
The portfolio includes The Bridges Dinkytown, a 210-unit property at 930 University Ave SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Ave SE.
Newmark Multifamily Capital Markets Executive Vice Chairman and Head of Student Housing Ryan Lang, Managing Director Jack Brett and Director Ben Harkrider, in cooperation with Vice Chairman Jim Damiani, represented the undisclosed seller. Executive Managing Director Ben Roelke, Senior Managing Director Ian Walker and Director Trent Houchin secured the debt financing from Corebridge Financial on behalf of buyer WFI.
WFI will implement a $1.55 million capital improvement program focused on enhancing common areas and repositioning both properties as amenity-rich communities – aligning them with newer assets in the market and elevating the student living experience.
Both properties already feature spacious, fully furnished apartments, ranging from studios to four-bedroom layouts, with private bedrooms and bathrooms, high-end finishes and a suite of community amenities.
Situated in the heart of Dinkytown, Minneapolis’ most walkable and sought-after neighborhood for students, the properties offer prime access to campus and a wide array of student-oriented retail including Target, Qdoba and Raising Cane’s. They are also served by three university bus lines, connecting students to campus and Downtown/West Bank area.
