Proposed Luxury Apartment Complex In Minneapolis Files Bankruptcy

From Sam Black @ Twin Cities Biz Journal:

River View Holdings LLC, a Minneapolis-based entity run by Steve Frenz, filed for bankruptcy in U.S. District Court Nov. 13.

Frenz, who is also CEO of Minneapolis-based firm JAS Apartments, announced in 2008 that he planned to develop a 348-unit luxury apartment complex on the site.

According to bankruptcy documents, River View counts its only assets as three parcels that total 2.06 acres. It estimates that the parcels — 110 12th Ave. S., 124 12th Ave. S. and 1102 Second St. S. — are worth a combined $2.95 million. River View lists liabilities of $6.82 million.

(h/t Steve Ladin)

Minneapolis Top 5 Distressed Condo Sales August 2009

Below you will find the best condo deals that closed in the month of August in the MLS. Glancing over the solds, I wasn’t all that impressed. Three of the units are located in Mill Trace which the whole building was foreclosed on about 2 years ago by MinnWest Bank.

In no particular order

Mill Trace Condos

619 8th Street SE #110 Minneapolis MN 55414 This unit is located in Mill Trace has 3 bed/2 bath (1420 finished sq ft) and sold for $200,500 about $141 a square foot. This property was a bank owned and listing courtesy of: Coldwell Banker Burnet



River Station Condos

560 2nd Street N #410 Minneapolis MN 55401 Unit is located in River Station has 2 bed/2bath (1059 finished sq ft) and sold for $173,000 about $163 per square foot. This property was bank owned and listing courtesy of: Edina Realty



Mill Trace Condos

619 8th Street SE #109, Minneapolis, MN 55414 Unit is located in Mill Trace has 2 bed/2 bath (1042 finished sq ft) and sold for $161,500 about $154 per square foot. This property was bank owned and listing courtesy of: Coldwell Banker Burnet



521S7thSt

521 S 7th Street #216 Minneapolis MN 55415 Located downtown off the corner of 7th and Portland this condo is 1 bed/1 bath (1051 finished square feet) and sold for $86,000 about $81 per square foot. This property was bank owned and listing courtesy of: Edina Realty



Mill Trace Condos

619 8th Street SE #102 Minneapolis MN 55414 Unit is located in Mill Trace has 2 bed/2 bath (111 finished sq ft) and sold for $164,500 about $140 per square foot. This property was bank owned and listing courtesy of: Coldwell Banker Burnet