SR Realty Trust is pleased to announce the successful acquisition of Lee Lofts Apartments, a 24-unit multifamily complex in Minneapolis’ Warehouse District.
Lee Lofts was originally built in 1906 and converted to loft-style apartments in the 1960s. The seller of the property also completed a full renovation of the property in 2015, which includes new stainless-steel appliances, quartz island countertops, new lighting fixtures and new windows. The property has historically operated at or near full occupancy, and was 96% occupied at the time of closing.
The acquisition closed on September 22, 2017 and was contributed by a long-term owner through an UPREIT transaction.