RPR Real Estate, Minnesotans Real Estate in the Spotlight

RPR Properties announced it would close its North Minneapolis apartment building, but it will remain open to tenants for rental housing.

In a press release Friday morning, RPR said it will close the building, which is located at 707 N. Milwaukee St., after an audit showed the building’s owners failed to comply with state and federal regulations.

The Minnesota Department of Building Inspection, which was in charge of enforcing the state’s rent controls, found that the owners did not comply with certain rules and did not properly maintain the building.

The department will conduct a “complete review of the property,” RPR wrote in a statement.

The company said it is looking for other apartments or other real estate for rent in the building and that the company will work with the city and Minnesota Department on other options to stay open.

The building will be re-constituted in a rental-only arrangement.RPR Properties is owned by Minnesota-based investor-owned REI, which bought the building in August for $500,000.

The company had been renting out the space since April, when it closed the building to make way for a new development.