Dominium Sells Newport on Seven

July 2, 2012 – Dominium, a leading apartment development and management company, announced today the sale of Newport on Seven apartments. Located in St. Louis Park, Minn., the asset sold for $22,725,000 or $136,078 per unit.

Newport on Seven was developed in 1987 by David Brierton and Jack Safar, the founders of Dominium. The property consists of 167 apartments with amenities including underground parking, community rooms, a fitness center and outdoor pool.

Dominium is making a strategic decision to sell certain assets as it continues to expand its portfolio in the Minneapolis/St. Paul area and across the country. Locally the company is renovating three historic structures – The Buzza building and Pillsbury A Mill in Minneapolis and The Schmidt Brewery in St. Paul, Minn.

Since the beginning of 2012, Dominium has added 28 assets to its portfolio in Arizona, Florida, Georgia, Mississippi, Tennessee and Texas. In addition the company is renovating The Metropolitan Artist Lofts, a 72-unit complex with numerous studio spaces located in St. Louis, Mo.

“We have identified certain assets that we feel have reached their useful life cycle for our Partners,” said Brendt Rusten, senior vice president, Dominium “We are bringing these properties to market and the equity is being re-deployed in new communities that fit our long-term business plan. It is about balancing our portfolio while continuing our growth”.

The sellers were represented by Keith Collins and Abe Appert of CBRE.