CATEGORIES | Debt | Equity | Financial Advisory | Investments | Multifamily | Student Housing
FIDES Capital Partners, LLC (“FIDES”) announces its ninth joint venture with a high net worth family office for the acquisition of a three building portfolio in urban Minneapolis. The buildings are located in the Whittier neighborhood of Minneapolis and is just minutes from downtown Minneapolis. The neighborhood is home to the Minneapolis Institute of Art, Minneapolis College of Art and Design, and the Children’s Theatre. The properties are just two blocks from these neighborhood anchors. Only a few blocks to the West is Nicollet Avenue which is known as Eat Street due to the many diverse restaurants, coffee shops and Asian markets. FIDES was responsible for sourcing, formulating the asset plan, underwriting and financing the transaction. FIDES is joint venturing with CPM Property Management on the acquisition to provide local property management and market expertise. “This off-market opportunity was compelling as it added to our urban vintage base of units in Uptown but also added diversification in terms of a different sub-market” said Gregg Handrich of FIDES. “We believe this neighborhood has a great deal of upside due to the close in location, the stability provided the college and museum as well as the long range plans to provide light rail along Nicolet to downtown Minneapolis. We are planning to invest capital to upgrade the unit interiors, exteriors and common areas of the assets as well as a complete marketing overhaul. The vintage buildings have a great deal of character. These properties just need to be marketed and managed in a different manner.” FIDES will asset management the investment and oversee the capital upgrade program.