CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC ("FIDES") announces its sixth joint venture on the acquisition of a multifamily land parcel in Uptown Minneapolis. The site is located in the heart of Uptown and in close proximity to the 407-unit Vintage apartment portfolio that FIDES acquired in September 2014. The planned 45-unit development will include a parking garage, fitness center and social room. Construction is expected to start in May 2015. FIDES is joint venturing with CPM Development which will provide local development and property management expertise. "The proposed property will provide a nice compliment to our existing portfolio as it will allow us to offer a full range of pricing options to our residents. Adding units in the same sub-market as our existing properties will also provide greater scale for our property management team," said Gregg Handrich of FIDES. "The site is located in the highly desirable Uptown area of Minneapolis and encompasses four older apartment buildings that will be demolished as part of the re-development plan. Uptown's future supply is limited, which provides us with a strategic development window as we plan to begin leasing the property in early 2016." FIDES will also provide asset management services for the project.