The historic Greysolon Plaza in downtown Duluth sold for $17.45 million Monday.
The building, located at 227 E. Superior St., was sold by Sherman Associates to Orbach Affordable Housing Solutions, a New Jersey-based property management company with buildings across New York, New Jersey, Pennsylvania, California, Virginia and Minnesota.
"Orbach Affordable Housing Solutions is very proud of this project," Orbach Affordable Housing Solutions President Jay Reinhard said in a statement. "It is our mission to ensure families have a safe, comfortable place to live and provide our tenants with the community they deserve."
Greysolon Plaza has 150 one-bedroom apartments that qualify for Section 8 rental assistance and low-income housing tax credits. The building, which opened as the Hotel Duluth in 1925, served as one of the city's premier hotels for decades before its upper floors were converted into apartments in 1980.
Over the next year, Orbach is scheduled to acquire 2,000 additional units in Minnesota, New Jersey, Pennsylvania and Minnesota with another $300 million in total rehabilitation and development costs.
“We are committed to ensuring high-quality housing for all income levels and we pledge to continue preserving the affordability of these units for generations to come," Orbach Affordable Housing Solutions Chairman Meyer Orbach said in a statement.
The sale was brokered by JLL Capital Markets.