A joint venture between a fund managed by DRA Advisors and the Marquette Cos. has acquired Phoenix Apartments, a 216-unit recently updated multi-housing property located in the Battle Creek neighborhood of St. Paul, Minn.
The sales price was $26.1 million, and the seller was Main Street Cos.
The Phoenix Apartments are 96 percent occupied, total 201,654 square feet, and consist of one-, two- and three-bedroom units. The apartments were first built in 1976 and later updated in 2017, which included renovations to community amenities and units, such as the addition of granite countertops, stainless steel appliances, espresso cabinets and new luxury flooring. The property offers a value-add opportunity for the buyer, with roughly 50 percent of the community still unrenovated, including significant common area amenity space.
Located at 200 Winthrop St. S., the Phoenix Apartments are a 10-minute drive from Downtown St. Paul. Battle Creek is known for being a highly ame
