Listen to this article 3 min
A 258-unit apartment community across from Mears Park in St. Paul's historic Lowertown neighborhood has sold.
Golden Valley-based Bigos Management Inc. acquired The Cosmopolitan Apartments, located at 250 E. Sixth St., according to an announcement by JLL, which represented the seller, Boston-based AEW Capital Management.
No purchase price was disclosed, though the property had an estimated market value of about $45 million, as assessed in 2022, according to Ramsey County property records.
Constructed in 1911, the 8-story Cosmopolitan Apartments was initially built for Finch, Van Slyck, and McConville Dry Goods Co. It was later transformed for residential use in the late 1980s. Since then, it's undergone $8 million in upgrades, according to the news release.
The community offers studio, one- and two-bedroom units. Community amenities include a fitness center, yoga room, internet lounge, barbeque, fire pit, clubhouse, courtyard, bocce court and more.
The property is within close walking distance of CHS Field and Union Depot.
"The Cosmopolitan is a highly regarded community that was well received in a competitive offering process," JLL's Josh Talberg said in the release.
Bigos was represented by Will Tansey of Felhaber Larson law firm. JLL also worked on behalf of the buyer to secure a Fannie Mae loan, serviced by JLL Real Estate Capital, the news release said.
The JLL Capital Markets team included Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon, Devon Dvorak, Ken Dayton and Pat McMullen.
Bigos has been carrying out a series of large-scale acquisitions in the Twin Cities metro in recent months. That's included The Expo, a luxury apartment and townhome complex across the river from downtown Minneapolis it purchased for $120 million, and Via Sol, an affordable-housing apartment complex in St. Louis Park it bought for $33.25 million.
At the time of the Expo sale, Adam Neumann, acquisition and development manager at Bigos, said the acquisition is part of Bigos' vision to continue investing in the Twin Cities.
Residential units managed
| Rank | Prior Rank | Name / Rank in 2022 (* not ranked) |
|---|---|---|
1 | 1 | FirstService Residential Minnesota |
2 | 2 | Associa Minnesota |
3 | 3 | Gassen Co. Inc. |
