Northstar Properties of Minnesota has acquired Graham Place Senior Apartments, a 121-unit, 55-plus community in St. Paul’s Highland neighborhood. The four-story building at 1745 Graham Ave changed hands this spring in a deal that industry records value at roughly $17.1 million, with Stonebridge Communities selling the property.
The sale price came in at $17,101,000, which works out to about $141,331 per unit, and the complex traded as part of a 1031 exchange, according to CoStar. The report identifies Northstar as the purchaser and Stonebridge Communities as the seller.
Colliers' team of Dan Linnell, Mox Gunderson, Adam Haydon, Devon Dvorak, and Drew Jackson represented the seller and purchaser, according to REJournals. Colliers' materials describe Graham Place as an active-adult community and highlight amenities that include an on-site convenience store, beauty salon, fitness center, underground parking, and a guest suite.
Owner Motivated by Bond Cycle
The timing of the sale was tied to the project’s financing. The deal followed the expiration of the tax-exempt bonds that supported the development, a shift that brokers say helped prompt the capital event. "With the bonds not being renewed, it just motivated a capital event," Linnell told Finance & Commerce.
What Graham Place Is Today
State listings show Graham Place is a LIHTC-designated community that serves residents 55 and older, with 42 one-bedroom and 79 two-bedroom units, as noted by the Minnesota housing listing at mn.gov. NorthStar Properties of Minnesota, Inc. is listed as the manager of the property, according to RentCafe.
Market Takeaway
The Graham Place trade was one of three Twin Cities senior-housing sales that combined for roughly $65.1 million earlier this spring, a sign of sustained investor interest in stabilized affordable senior stock, according to Finance & Commerce. Brokers say bond cycles, tax-credit timing and 1031 exchange activity are driving more of these transactions, and that local operators like Northstar often step in as buyers because of their operating familiarity.
