CPM Leaders Launch New, Separate Companies
Minneapolis-based CPM Companies has been one of busiest local apartment developers in recent years. But after 12 years in business together, CPM’s leaders and co-founders, Daniel Oberpriller and Nick Walton, have started new, separate companies.
Oberpriller will lead North Bay Companies, which will focus on property management and development. Walton’s Reuter Walton Development will be a new division of Reuter Walton Companies which will focus on construction, restoration and also development. The move was effective on October 1.
Oberpriller and Walton both said that the new companies will allow each of them to focus on their own specialties.
“This allows us to leverage what we’re good at,” Oberpriller told Twin Cities Business. “North Bay will be very busy.”
Walton said that the construction side of the business has been growing through work done for other developers: “We do a lot of third party general contracting work,” said Walton.
CPM Companies started small in 2005 with Oberpriller and Walton buying single-family rental properties near the University of Minnesota campus. The company got into the development game in 2009 with the 57-unit 1800 Lake, a luxury apartment project near Lake Calhoun in south Minneapolis. CPM has been a prolific developer in Uptown and near the University of Minnesota in Minneapolis. To date, CPM has completed 15 development projects including the massive WaHu, a 327-unit student housing property in Minneapolis.
CPM Companies will remain an active entity for projects currently under construction and in the pipeline, including several apartment projects and a hotel in Stillwater.
“This allows Dan and I to continue any developments that we’re working on together,” said Walton.
While there is no overlap between property management and construction, both companies will be doing development which could make Oberpriller and Walton future competitors. Both Walton and Oberpriller downplayed the prospect of competing over sites and deals.
“I think there’s enough room in the city for both of us,” said Oberpriller.