The sales brought the total of closed units to 156 of the 192. Five more units have closed since March 31 and nine are under contract.
Phase I includes five townhomes, 24 mid-rise units and 163 units in a high-rise building. Phase II will include 242 condominium units in a 34-story tower, eight townhomes and commercial space.
Heartland Partners says 10% of the Phase II units have been sold, with construction expected to start late this summer or early fall.
The REIT also has hired Cohen Financial to help find mezzanineFinancing.
First-quarter results also were boosted by the closing on 113 acres in Rosemount, MN for $4 million.
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