Doran Sells Four University Of Minnesota Student Housing Properties
Doran Companies is selling four of its six student housing projects near the University of Minnesota.
The Bloomington-based developer said University Communities, a Denver-based student housing management company, will acquire the properties for an undisclosed sum.
The properties in the sale are:
· Sydney Hall, 310 15th Avenue SE
· Dinkydome, 304 15th Avenue SE
· 412 Lofts, 406 12th Avenue SE
· The Edge on Oak, 313 Oak Street SE
“As a developer, you can’t fall in love with your properties because there always comes a time that is right for selling,” company founder Kelly Doran said in a statement.
Doran kicked off his student housing building spree in 2009 with Sydney Hall. Since then, the Dinkytown and Stadium Village areas near the University of Minnesota have seen an influx of high-end student residences that have caused some controversy around the character of Dinkytown and housing affordability.
The company will retain its two most-recent projects in the area: The Knoll (1101 University Avenue SE) and The Bridges (930 University Avenue SE).
In a statement, Doran cited his interest in the university and dealing with students as part of the reason for retaining the two developments, as well as hinting at future projects in the pipeline.
“You never know when another interesting opportunity may come around.”