Minneapolis Phoenix North Loop Building Sold

The 46-unit apartment complex has been acquired and rebranded by Great States Development.

Updated on Oct. 30, 2026 in Commercial

Gouache-painted editorial illustration of a modern urban brick apartment building with large windows, set against a muted, earthy background. — Great States Development has acquired the Phoenix North Loop apartment complex in Minneapolis, rebranding the 46-unit property as Brunsfield North Loop. AI Illustration. Upload story photo >

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Great States Development has acquired the 46-unit Phoenix North Loop property in Minneapolis, renaming the building Brunsfield North Loop. The transaction follows recent commercial activity by the developer in the North Loop neighborhood.

Why it matters

The sale signals ongoing investment in the North Loop, where ownership changes and development influence the availability and pricing of local rental units. Residents may see management changes as new owners transition the property portfolio.

The 46-unit building at 915 N. Washington Ave. maintains a 6.4% vacancy rate. Rents currently range from $1,250 for a studio to $3,750 for a two-bedroom, two-and-a-half bathroom unit.

The players

Great States Development

A developer active in the Minneapolis market that has recently acquired several major North Loop residential and mixed-use properties.

Phoenix - North Loop, LLC

The former owner of the 46-unit complex at 915 N. Washington Ave. that held the property since 2019.

The details

The property, originally built in 2013 and renovated in 2017, features a mix of residential units alongside commercial tenants including Spyhouse Coffee Roasters and Sweetleaves. Great States Development's acquisition represents a continued push in the area, following their 2025 purchase of the ElseWarehouse apartments for $40.5 million and the $37 million Copham building deal in March 2026.

2013: The building at 915 N. Washington Ave. was constructed.
2017: The property underwent a renovation.
2019: Phoenix - North Loop, LLC purchased the building for $14.65 million.
January 2025: Great States Development purchased the ElseWarehouse apartments.
March 2026: Great States Development purchased the Copham building.

The Home Front

This acquisition highlights the rapid cycle of institutional investment currently shaping the North Loop real estate landscape. Ownership transitions often precede updates to leasing policies and building management, influencing long-term costs for neighborhood renters.

Renters currently living in the building should watch for official notices regarding new management contact information and payment portals. Review your current lease agreement to ensure your terms remain unchanged during the transition to the new ownership.

The takeaway

Large-scale ownership changes in your area can lead to adjustments in amenities and management services. Keep your signed lease and original move-in documentation in a secure location to verify your standing should any management policies change under the new owners.