PAK Properties

What PAK Properties does

PAK Properties is a privately held real estate investment and development company founded in 1994 by Rich Pakonen and headquartered at 275 East 4th Street, Suite 720, in Saint Paul, Minnesota. The firm focuses on urban and in-fill real estate in the Minneapolis/Saint Paul and Greater Twin Cities markets, with a portfolio of 15+ properties totaling more than 1.5 million square feet developed. Its holdings span market-rate rental housing (Pioneer Endicott's 234 units, Rossmor Building's 129 lofts, Rolling Hills' 108 units), for-sale condominiums (The Lowry's 133 units), low-income Section 8 housing (Golfview Apartments' 45 units), assisted living and memory care (Dellwood Gardens' 95 units), commercial office (Osborn370's 280,000 sq ft, Wycliff's 260,553 sq ft, Northwestern Building's 80,000 sq ft), retail, and parking infrastructure (Jackson Ramp).

The company generates revenue through three streams: one-time sales of condominium units (e.g., The Lowry), recurring rental income from owned residential and commercial properties, and value-add historic restoration of century-old office and industrial buildings adapted into modern mixed-use assets. There is no proprietary technology platform; the firm's differentiation rests on three decades of local relationships, historic preservation expertise, and a recurring co-development partnership with the Halverson and Blaiser Group, supplemented by partners such as Schafer Richardson and Grand Real Estate Advisors on larger projects like Osborn370. The customer base is highly distributed across hundreds of residential tenants, dozens of small commercial tenants (restaurants, breweries, a performing arts conservatory, an art museum), and a small number of anchor commercial tenants (CVS at 1010 E Lake Street).

Name

PAK Properties

Legal name

PAK Properties

Website

https://pakproperties.net

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

1–10 employees

Short description

PAK Properties is a Saint Paul, MN-based real estate investment and development firm founded in 1994 that develops and operates urban and historic properties — including market-rate rentals, condominiums, affordable housing, assisted living, and commercial office — across the Minneapolis/Saint Paul metro.

Ownership category

akta.pro rank

Product category

Commercial Real Estate

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (52599)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH)

akta.pro secondary industry

Senior & Assisted Living Residential Property Management (BPAJAFAE)

Keywords

• Commercial real estate
• Residential apartments
• Property investment
• Urban infill development
• Real estate ownership

Headquarters

HQ city

Saint Paul

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Property Development and Sales: PAK Properties develops and rehabilitates properties including luxury condominiums, market-rate and low-income rental housing, and sells these units to generate revenue.
2. Commercial and Residential Rental Income: The company generates recurring rental income from market-rate apartments, low-income housing, commercial spaces, and assisted living facilities they own and operate.
3. Historic Restoration Projects: Conversion of historic office and industrial buildings into residential and commercial properties, adding value through adaptive reuse.

Distribution channels2 records

Marketing channels3 records

Core offering

PAK Properties is a real estate investment and development company based in Saint Paul, Minnesota, specializing in urban and in-fill commercial and residential properties. Founded in 1994, the company owns and operates a diversified portfolio of office buildings, residential apartments, parking structures, and specialty properties across the Twin Cities metro area and greater Minnesota.

Product overview

PAK Properties is a single-property real estate investment and development company rather than a software platform. The company develops and operates a portfolio of residential and commercial properties in the St. Paul, MN area, including: luxury condominiums (The Lowry with 133 units), market-rate rental housing (Pioneer Endicott with 234 units, Rossmor Building with 129 units, Rolling Hills with 108 units), low-income housing (Golfview Apartments with 45 units), commercial office spaces (Osborn370 at 280,000 sq ft, Northwestern Building at 80,000 sq ft, Wycliff industrial space at 260,553 sq ft), retail properties (1010 E Lake Street at 32,000 sq ft per level), assisted living facilities (Dellwood Gardens with 95 units, Osseo Gardens formerly with 40 units), and parking infrastructure (Jackson Ramp with 400 stalls). The portfolio spans Minneapolis/Saint Paul and Greater Twin Cities markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Osborn370 Commercial office property located in Crystal, Minnesota, part of PAK Properties' commercial portfolio serving business tenants in the Twin Cities western suburbs.
• Pioneer Endicott Historic mixed-use residential and commercial property in downtown Saint Paul, Minnesota, representing one of PAK Properties' flagship urban infill assets.
• The Lowry Residential and commercial property in the PAK Properties portfolio, contributing to the company's urban and infill holdings in the Twin Cities.
• Rossmor Building Residential and commercial building in the PAK Properties portfolio, part of the company's urban property holdings.
• Wycliff Commercial or industrial property owned by PAK Properties, contributing to its diversified portfolio outside the urban core.
• Northwestern Building Commercial building in the PAK Properties portfolio, part of the company's office and commercial holdings.
• Rolling Hills Residential apartment property located in North Branch, Minnesota, serving renters in the greater Twin Cities exurban market.
• Dellwood Gardens Assisted living facility located in Dellwood, Minnesota, providing senior care housing in PAK Properties' specialty residential portfolio.
• Golfview Apartments Affordable residential apartment property in the PAK Properties portfolio serving income-qualified renters.
• 1010 E Lake Street Commercial property on East Lake Street, part of PAK Properties' commercial real estate holdings.
• Jackson Ramp Parking structure in the PAK Properties portfolio, providing parking infrastructure in an urban location.
• Osseo Gardens Former assisted living property in the PAK Properties portfolio located in Osseo, Minnesota.

Quantifiable outcome

• 234 new market-rate rental units created from historic Pioneer Endicott buildings
• +2 more outcomes

Named customers12 records

Segments5 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core, major and minor.

• Halverson and Blaiser Group, LTD.coreStrategic or Co-development PartnerPrimary development partner for most projects. The Halverson and Blaiser Group is a development company that collaborates with PAK Properties on property development and rehabilitation projects throughout the Minneapolis/Saint Paul area.
• Schafer Richardson, Inc.majorStrategic or Co-development PartnerDevelopment partner for Osborn370 project. Schafer Richardson is involved in the multi-tenant office tower development in downtown St. Paul.
• Grand Real Estate AdvisorsmajorStrategic or Co-development PartnerDevelopment partner for Osborn370 commercial development project in downtown St. Paul.
• Chasing GrowthminorStrategic or Co-development PartnerDevelopment partner listed for Osborn370 project.
• Lutheran Social ServicecoreStrategic or Co-development PartnerStrategic partner for the Rolling Hills redevelopment project. PAK Properties partnered with Lutheran Social Service to redevelop the property serving a growing refugee community with complete onsite community services.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Regional players

• The Ackerberg Group: Minneapolis-based real estate investment and development firm focused on urban mixed-use and multifamily projects. Comparable as a Midwest urban developer with similar emphasis on mixed-use, walkable urban infill, though serving different specific submarkets than PAK's Saint Paul focus.

Direct peers

• Doran Companies: Twin Cities-based real estate developer specializing in multifamily, mixed-use, and commercial projects. Direct comparable as a regional developer with similar product mix (residential, commercial, urban infill) serving the same Minneapolis/Saint Paul market.
• Wall Companies: Twin Cities-based real estate development and construction firm with residential and commercial capabilities. Comparable as a regional developer operating in the same metropolitan market with overlapping customer segments including commercial tenants and residential buyers/renters.
• Schafer Richardson: Minneapolis-based commercial real estate development and investment firm. Direct co-development partner with PAK Properties on the Osborn370 project and operates in the same Twin Cities urban infill and mixed-use development space with overlapping customer base and product type.
• Halverson and Blaiser Group: St. Paul-based real estate development firm and PAK Properties' primary development partner across most projects. Highly comparable as a Twin Cities-focused developer engaged in mixed-use, historic, and urban infill projects with similar partnership-oriented execution model.
• Sherman Associates: Minneapolis-based real estate development and investment company focused on urban, mixed-use, affordable housing, and historic rehabilitation projects. Comparable as a Twin Cities developer with overlapping focus on affordable housing, historic adaptive reuse, and urban infill multifamily.
• Grand Real Estate Advisors: Twin Cities-based commercial real estate advisory and development firm. Direct co-development partner with PAK on Osborn370 and operates in the same regional commercial real estate market with comparable asset classes and investor base.

Broad incumbents

• Ryan Companies: Large Minneapolis-headquartered national real estate developer and investor with significant presence in the Twin Cities. While much larger and more diversified nationally, Ryan competes in the same regional urban and mixed-use development space and serves similar commercial and residential tenants.

Emerging players

• McCormack Baron Salazar: National urban real estate developer specializing in historic adaptive reuse, mixed-use, and mixed-income developments. Comparable to PAK's Pioneer Endicott and Lowry projects in particular—specialized in transforming historic and underutilized urban properties into vibrant mixed-use destinations.
• Dominium: Plymouth, MN-based affordable housing developer and manager with deep Twin Cities roots. Comparable as a regional player focused on multifamily affordable housing (similar to PAK's Golfview and Rolling Hills projects) but operating at significantly larger scale across multiple states.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pak-properties-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PAK Properties