Jim Stolpestad – Real Estate Matters
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Jim Stolpestad

Development, Multifamily, Real Estate Trends, Uncategorized

Ironton developing Multifamily Historic Rehab along Central Corridor

chittenden_eastman

The Chittenden and Eastman Building

On Tuesday, October 4th, Executive Insight Series speaker Jim Stolpestad of Exeter Realty discussed Ironton Asset Fund’s plans for the Chittenden & Eastman Building, which should be ready for occupancy by Fall of 2012.

Ironton is taking advantage of Minnesota and Federal historic tax credits to rehab the property and develop 104 market rate rental units.  The Chittenden & Eastman Building (“C&E”) is located on the future Central Corridor Light Rail line in St. Paul, just three stops from the University of Minnesota campus.  The apartments will be moderately priced and targeted primarily at non-students, working adults and those in the arts community.

Stolpestad has a successful history with urban multifamily projects, including Cobalt Condominiums, which is anchored by a Lunds store, in Northeast Minneapolis.  His company’s track record, and the fact that Ironton provided cash for the purchase of the distressed building, facilitated the perfect opportunity to reinvent this section of University Avenue.  While the C&E building owner received many offers, ultimately Ironton purchased the property on a short sale, for $1.6 million (asking price was $3.5 million) and acquired C&E in the Fall of 2010.  Ironton is scheduled to close on financing next week and begin the ten-month construction period.
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Executive Insight Series, Uncategorized, Upcoming UST Events

Executive Insight Series: Jim Stolpestad – Adaptive Rehab in Action – Tuesday, October 4th

From converting office buildings into multi-family real estate to the management of retail properties in today’s challenging environment, Jim Stolpestad, Chairman of Exeter Realty has experiences and stories to share about what has and has not worked.

The Real Estate Executive Insight Series is presented by the Opus College of Business MSRE program. This series invites speakers from the real estate industry to provide valuable information and discussion about hot topics and current trends. This is a free program and is open to the public; you can register to attend here.  Read a recap of the most recent event with Collin Barr of Ryan Companies.

Jim Stolpestad is chairman and an owner of Exeter Realty Company which he founded in 1991. He has been chispeaker_JimStolpestadef manager and a founding governor of Ironton Asset Fund LLC since 2009 and chief manager of real estate portfolio ownership entity Pioneer Property Partners LLC since 2003. From 1985 to 1990, Stolpestad was a senior partner with Doherty, Rumble & Butler, a national law firm with offices in Denver, Minneapolis, Saint Paul, and Washington D.C., where he was a member of the Board of Directors and practiced primarily real estate development and finance law. From 1971 to 1985, he was a senior partner with Stolpestad, Brown & Smith law firm, Saint Paul, where he was a managing partner and practiced banking, business, real estate, and securities law. From 1969 to 1971, he was Special Assistant Attorney General with the State of Minnesota, and from 1967 to 1969, he was an attorney with the U.S. Department of Housing & Urban Development in Atlanta.  Read more about Jim Stolpestad here.