Bigos Management is growing its multifamily presence in the Twin Cities metro with its latest acquisition, a 258-unit community in St Paul, Minn. The company has acquired The Cosmopolitan Apartments from AEW Capital Management. JLL represented the seller, while also arranging a Fannie Mae loan for the new ownership. The purchase price and size of the loan could not immediately be learned.
The Cosmopolitan Apartments was originally constructed as the Finch, Van Slyck, and McConville Dry Goods Co. building in 1911. The warehouse was later repurposed as an apartment community in 1989 and has since undergone $8 million worth of upgrades and renovations.
The community offers studio and one- and two-bedroom units averaging 805 square feet. The units were built with 12-foot windows, 16-foot ceilings, walk-in closets and in-unit laundry machines. Community amenities include a fitness center, yoga room, internet lounge, fire pit, media room, clubhouse, courtyard and bocce court, as well as a barbecue and picnic area. According to Yardi Matrix data, The Cosmopolitan Apartments is 93 percent occupied.
Located at 250 6th St. E in St. Paul’s historic Lowertown neighborhood, the community is within walking distance of many of the area’s attractions, including CHS Field, Palace Theatre and the Xcel Energy Center. Residents have easy access to public transportation options, like the nearby Metro Green Line light rail, as well as nearby access to Interstate 94 and the 35E highway.
Investing in the Twin Cities
Along with The Cosmopolitan Apartments, Bigos Management has developed a portfolio of more than 10,000 units spread across 50 communities within the Twin Cities metro area. The company’s portfolio includes communities in urban locations like Minneapolis and St. Paul, as well as properties in more suburban submarkets like the surrounding North, East, West and South Metro neighborhoods. Last month, Bigos Management acquired Via Sol, a partially affordable 217-unit community in St. Louis Park. Minn.
