Opus Group sells Station on Washington

Nicolas Hallett

Developer Opus Group sold the Station on Washington last week for about $31 million.

In a cash transaction, private equity firm Harrison Street purchased the mixed-use student housing building located near the University of Minnesota — its latest in a long line of business between the two companies, according to the Minneapolis/St. Paul Business Journal.

Chicago-based Harrison purchased Stadium Village Flats from Minnetonka-based Opus in September 2012 for $43 million after it completed the project, Finance and Commerce reported.

In August, Harrison also bought the land for Opus’ ongoing project, Venue at Dinkytown, for $8.3 million.

In a previous Minnesota Daily article, notable Twin Cities developers said it’s an industry standard to sell completed projects, often to reinvest the funds in new developments.