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Editor’s Note: “Just Sold” is a Finance & Commerce feature based on the latest real estate value certificates filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and sales reports across the country involving local parties. Search includes company and broker records, online real estate listings, F&C archives, Catylist and other searches.

A Wells Fargo developer, identified as 1809 PLY INC, paid $3.3 million for the site and is seeking permits to redevelop a branch at 1809 Plymouth Road in Minnetonka. As noted on the city’s website, the existing three-story building will be removed and replaced with two commercial buildings. The south building will include banking and retail space, while the north building will be occupied by restaurant and retail space.

Wells Fargo is one of five banks surrounding Ridgedale’s main entrance. The others are Highland Bank, US Bank, Bank of America and Huntington Bank.

Place: 1809 Plymouth Road, Minnetonka

Price: $3.3 million; Down payment of $2.4 million; new mortgage; to be demolished for redevelopment

Buyer: 1809 Ply LLC, Pembroke Pines, Florida

Seller: Wells Fargo Bank NA, Charlotte, North Carolina

Date: 10-11-24

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Monarch buys St. Cloud apartments for $13.5 million

Based in Colorado Monarch Investment and Management Groupwhich entered the Minnesota apartment market in 2019, continues to expand its holdings here.

Entities linked to Monarch paid a total of $13.5 million in two transactions for 208 units in two St. Cloud properties sold by entities linked to INH Property Management in Waite Park. INH, which has owned it for four decades.

The Windsor Oaks Apartments, located at 1520 Highway 23, sold for $8.5 million, or $70,833 per unit. It comprises 120 units in five three-story buildings constructed in two phases, in 1975 and 1984. The buildings feature brick veneer, steel cladding and flat roofs. The seller was JM Johnson Windsor Oaks LLC in Edina.

The Bentonshire Apartments, located at 1445-1455 Second St. SE, sold for $5 million, or $56,818 per unit. It was built in 1973 on 4.5 acres, with 88 units in three three-story buildings connected by covered walkways. The buildings are wood, brick, and stucco, with mansard roofs.

The seller was JM Johnson Bentonshire LLC in Edina.

INH manages more than 8,000 multifamily units and approximately 325,000 square feet of commercial space.

Monarch’s website says it currently manages 74,654 apartments in 21 states, including 3,667 in Minnesota. It is the ninth largest multifamily landlord in the country according to the National Multifamily Housing Council.

Place: 1520 E. Hwy. 23, Saint-Cloud

Price: $8,500,000; Down payment of $6,352,560; $70,833 per unit

Buyer: MIMG CCXLI Oaks at Bentonshire LLC, Franktown, Colorado

Seller: JM Johnson Windsor Oaks LLC, Edina

Date: 10-9-24

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Place: 1445—1456 Second Street SE, St. Cloud

Price: $5,000,000; Down payment of $4,447,440; new mortgage; $56,818 per unit

Buyer: MIMG CCXLI Oaks at Bentonshire LLC, Franktown, Colorado

Seller: JM Johnson Bentonshire LLC, Edina

Date: 10-9-24

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