V2 Apartments – Finance & Commerce

Address:  750 Otto Ave., St. Paul

Occupancy: 41 percent (60 percent leased)

Lease Rates: $1,300-$4,000

Architect: Kaas Wilson Architects

Owner: Stonebridge Communities

Property description:  V2 Apartments sits on a corner of Otto Avenue and Shepard Road just a couple of miles west of downtown St. Paul in the emerging Victoria Park neighborhood.

The $40 million, 197-unit, steel and brick U-shaped building offers wainscoted walls, wood-framed apartment doorways and other features found in older apartments.

“We wanted a craftsman-like, Summit Hill look,” said Andy Chase, Stonebridge Communities managing partner.

Perhaps the luxury six-story apartment building’s highlight is a first-floor, 20,000-square-foot garden terrace with a grilling plaza, a sundeck, gardens, a swimming pool and sweeping views of the Mississippi River.

In a twist, the building, which does not have retail space, has outside signage near the lobby entrance advertising attractions available only to tenants, among them the “Tributary Lounge” and “Vista Terrace & Pool.”

Chase created two well-appointed lounges after hearing from residents in other developments that one party room was not enough to handle all the requests. V2’s accoutrements include a yoga studio, a 175-car garage and a large outdoor lot.

Tenant features: Units have French balconies, designer cabinetry, granite counters, energy-efficient appliances and plenty of storage. V2 has 15 configurations, ranging from one to three bedrooms, with sizes ranging from 623 to 1,318 square feet.

Intriguing tidbits: Once a sleepy enclave, the Victoria Park neighborhood has seen a tremendous transition in the past decade with the arrival of businesses, a charter school, a Hazelden clinic and hundreds of new housing units.

Chase bought the property where the apartments are located from St. Paul’s Housing and Redevelopment Authority several years ago. His first development on the site, Victoria Park Apartments and…

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