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Apartment boom reaches St. Cloud area

Roughly a dozen new apartment projects are adding hundreds of units in central Minnesota, the St. Cloud Times reports. It is part of the nationwide trend of more people turning to multifamily housing.
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Roughly a dozen new apartment projects are adding hundreds of units in central Minnesota, the St. Cloud Times reports. It is part of the nationwide trend of more people turning to multifamily housing.

Nationally, CNBC reports, multifamily housing starts were up 30 percent in July from a year ago, according to the U.S. Commerce Department.

Developers in the Twin Cities metro are also trying to cash in on the surging demand for apartment complexes.

A report from the Minneapolis Area Association of Realtors last month indicated the housing market might be finding its footing again.

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Renting outside Minneapolis and St. Paul has largely been limited to housing built decades ago, but experts say the suburbs are ripe for a new wave of apartment development. It's a trend driven by a fundamental shift in attitudes toward renting plus a growing appetite housing with urban perks.

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Twin Cities banks are cashing in on the surge of multifamily construction, jostling to do business again with real estate developers, the Star Tribune reports. It's a sharp twist from the post-crash years when toxic concentrations of commercial real estate loans brought down so many small community banks and larger banks all but pulled out of construction and development lending.

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A new 10-story, 192-unit luxury apartment complex is expected to open in March 2013 in the western Minneapolis suburb. The Star Tribune reports the $40 million project will feature a rooftop terrace, a clubroom and a piazza recreation area.