December 7, 2018
Los Angeles-based JRK Property Holdings acquired Concierge Apartments in Minneapolis’ Richfield suburb from a venture of MLG Capital and Soderberg Apartment Specialists for a reported $95.1 million. The 698-unit property is located at 7600 Penn Ave. S.
The community, at I-494 and Penn Avenue, is one of the largest in the Twin Cities. It is JRK Property Holdings’ first acquisition in Minnesota.
The sellers had acquired the asset in 2015 for $41 million, and completed an extensive renovation of the property including common area and unit upgrades.
Soderberg’s Erik Falkman said in a statement to the Star Tribune, “We took what was a declining asset, from both an ownership and community standpoint, and turned it into a great place that’s both an attractive place for people to live and a healthy, positive asset to the surrounding neighborhood and the entire city of Richfield.”
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