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New multi-housing community near Minneapolis sells for $59m
Transactions - JULY 23, 2021

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New multi-housing community near Minneapolis sells for $59m

by Released

Trident Development has sold The Cielo Apartments, a 269-unit, multi-housing community in the Minneapolis suburb of Fridley, Minn.

Peak Capital Partners acquired the property for $59 million.

The Cielo Apartments comprises studio, one-, two- and three-bedroom units ranging from 586 square feet to 1,345 square feet. The apartments feature granite or quartz countertops, modern appliances, undermount sinks and kitchen islands. The community amenities include a fitness center, game room, community room and lounges, study area and media rooms, walking paths, grilling stations, and heated parking. In addition, the property offers residents 24-hour maintenance, onsite management, managed parcel storage system and secured parking.

Located at 6051 University Ave., The Cielo Apartments are 10 minutes north of downtown Minneapolis, providing connectivity to some of the Twin Cities’ biggest employers, including Medtronic, Boston Scientific and Mercy Hospital. Residents h

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