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FARGO — The 400 building, also known as the old Powers Hotel in downtown Fargo, is one of a group of three North Dakota subsidized housing apartment complexes for sale, according to a listing on the LoopNet website.
The properties, which have 121 apartment units between Fargo, Grand Forks and Devils Lake, are being offered for $5.5 million in the listing by Performance Real Estate Advisors of Lombard, Ill.
The apartment complexes are “Section 8” communities, all 100% eligible for federal Housing Assistance Payments that are paid directly to the landlords, the listing said. There are 98 one-bedroom, 12 two-bedroom, and 10 three-bedroom units, all located in the cities’ downtowns. The Fargo and Grand Forks buildings are designated for seniors.
The 400 Building is the smallest of the group, with 10,000 square feet of space. It was built in 1914.
The Ryan House Apartments, 23 N. 3rd St. in Grand Forks, is the largest building, at 42,000 square feet. It was built in 1927.
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The Holiday Village Family and Senior Apartments are at 223 Walnut St. W., in Devils Lake. They were built in 1976 and have 29,330 square feet of space.
The LoopNet listing was still active as of Friday, Nov. 11.
Chris Brungardt, CEO of the Fargo Housing and Redevelopment Authority, said his agency was approached a couple weeks ago as a potential buyer for The 400 building. He said adding 41 more affordable apartments to FHRA’s portfolio would have been great, but it wasn’t possible.
“They contacted us two weeks ago. They were moving faster than we could,” Brungardt said. Tuesday, Nov. 8.
