IRETRED 20 LLC, an entity of Minot, ND-based Investors Real Estate Trust, has entered into a joint venture agreement to construct Red 20, a 130-unit apartment building with approximately 10,000 square feet of commercial space in northeast Minneapolis, MN.
The project is currently expected to be completed in November 2014. Investors Real Estate Trust expects the joint venture to close on a construction loan of approximately $21.7 million in the second quarter of its 2014 fiscal year.
Schafer Richardson is the architect and developer, according to a report on finance-commerce.com. Frana Cos. is the general contractor.
Investors Real Estate Trust owns 58.6% of the joint venture entity, which acquired the project site on August 20, 2013. Total costs for the project are currently estimated at approximately $29.0 million, including the purchase price of the land.
Features of the building will include bike storage, bike maintenance shop, dog run, outdoor terraces with a movie screen & downtown views.