CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Investment, LLC (“FIDES”) announces the sale of Laguna, a 45-unit luxury apartment building located in the heart of Uptown Minneapolis. FIDES joint ventured with a local developer/manager and a privately held investment firm. The development parcel was bought “off market” in early 2015. Building construction was completed in May 2016, and the building was successfully leased up in just over 4 months. The sale price was just under $380,000/unit. The property level return equated to a 31% IRR and a 1.8x multiple. “We were very pleased to be able to develop, lease and sell the asset in just over a two year window. The high quality location, overall building design and strong sub-market were clearly the main drivers in the strong success of this development,” said Gregg Handrich of FIDES. FIDES oversaw the sale process.