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CBRE Arranges Sale of 253-Unit MF in Downtown Minneapolis

CBRE Arranges Sale of 253-Unit MF in Downtown Minneapolis

CBRE arranged the sale of The Nic on Fifth, a 253-unit multifamily property in Minneapolis, Minnesota. Weidner Apartment Homes purchased the property from AEW Capital Management for an undisclosed amount. CBRE’s Abe Appert, Keith Collins and Ted Abramson represented the seller in the transaction.

“Buyer depth and interest in this fantastic property was strong, led by private capital taking advantage of market correction while having confidence in the downtown Minneapolis commercial real estate market,” said Appert. “The Minneapolis rent-to-income ratio is one of the most affordable among all major U.S. metros at 17.8% and Minneapolis was the only major metro where wage growth outpaced rent growth since COVID-19. This affordability has and will continue to be a key factor in future rent growth.”

The Nic on Fifth is located at 465 Nicollet Mall near the Nicollet Mall Station, and the 26-story property provides direct access to the Minneapolis Skyway System.


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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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