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PCCP/Excelsior JV Acquires SFRs in Twin Cities Metro
A joint venture of PCCP, LLC and The Excelsior Group, LLC acquired Mills Creek, a Class A, newly constructed, 66-unit, single-family rental community in Maple Grove, MN, a Twin Cities suburb.
The project was delivered over the course of two years, with the first home delivered in May 2018 and the last delivered this spring. Despite the COVID-19 crisis, the community has had positive leasing activity and is stabilized.
“We saw this as a prime opportunity to purchase a newly built single-family rental community in an infill suburban location with strong underlying single-family, for-rent fundamentals,” said SVP Alexandra Schultz with PCCP. “Maple Grove is a popular place for families as it features a wide array of retail amenities, is near numerous employment nodes, and has a solid school system.”
Each unit at Mills Creek is a standalone residence and features a mix of two-, three- and four-bedroom floor plans.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
