Institutional investors, real estate investment trusts and wealthy individuals from Malaysia to Miami are spending billions on apartment complexes and commercial buildings in the Twin Cities market of Minneapolis-St. Paul, Minn., the Star Tribune reports.

“We’re a market that people didn’t pay much attention to before,” Herb Tousley, director of the Shenehon Center for Real Estate at the University of St. Thomas, tells the Star. Institutional players see the Twin Cities as a place “where they can put a good chunk of their money to work” because of the area’s diverse economy, relatively low housing prices, and a tight rental market that’s fueling a building boom. Source: startribune.com.

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