CBRE recently facilitated the sale of The Nic on Fifth, a 253-unit multifamily property located in downtown Minneapolis, Minnesota. Weidner Apartment Homes acquired the asset from AEW Capital Management for an undisclosed amount. CBRE’s Abe Appert , Keith Collins and Ted Abramson represented the seller in this transaction.
Appert commented that “buyer depth and interest was strong due to private capital taking advantage of market correction while having confidence in Minneapolis’ commercial real estate market.” He further noted that “the rent-to-income ratio is one of the most affordable among all major U.S metros at 17.8%, with wage growth outpacing rent growth since COVID-19.”
The Nic on Fifth is situated at 465 Nicollet Mall near Nicollet Mall Station, providing direct access to Minneapolis Skyway System as well as other amenities such as restaurants and retail stores nearby .
