The ElseWarehouse, a 100-year-old converted apartment building in Minneapolis’ North Loop, traded hands between its developer and a North Dakota company, according to a press release from Colliers.

Great States Development bought the historic apartments in a deal worth $40.25 million, according to a certificate of real estate value. The purchase was a 1031 exchange for Great States.

Greco renovated the building at 730 Washington Ave. N. in the early 2010s according to the press release, utilizing adaptive reuse to turn the 1920s warehouse into a series of 116 apartments, which consist of one-, two- and three-bedroom units.

The price works out to nearly $347,000 per unit. That is about $42,000 more than the per-unit price of the North Loop’s Maverick Apartments’ $304,761, which was the most expensive per-unit sale of 2024. The Maverick sold last year in a deal also arranged by Colliers for a total of $51.2 million.

According to Great States website, the Fargo-based company has 5,000 units under its management. Scott Houle, the vice president for Great States, called the property iconic.

“This building not only represents the rich architectural heritage of the area but also aligns perfectly with our vision of creating exceptional spaces where people can live, work and thrive,” he said.

The deal was arranged by Colliers’ Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon.

Gunderson, an executive vice president for Colliers, said the North Loop is one of the most sought-after neighborhoods in the metro, and brings in some of the highest rents in the city. He said that the buyer had been eyeing the North Loop for a while. The property also features 16,000 square feet of retail space.

“You’ve got five retail tenants, almost 16,000 square [feet] of retail in the building that is mainstays along Washington Avenue,” he said. “It’s really a timeless asset.”

Gunderson said Greco decided to sell the property mostly because of the loan maturity on the building, opting to sell rather than refinance. Gunderson said there were eight bids on the property.

Great States is a long-term owner, according to Gunderson, and besides potential light apartment upgrades in the future he doesn’t think there will be many changes to the property.

Finance & Commerce previously reported on the listing for the property in late September. Greco had listed both ElseWarehouse and the Copham, another North Loop property with 120 units and seven stories.

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