Redwood Capital, Heitman JV Acquires Big MultiFamily Outside of Minneapolis
Chicago-based Redwood Capital Group, a vertically integrated national real estate investment manager, in a joint venture with an affiliate of Heitman LLC, a global real estate investment management firm, recently acquired the 375-unit multifamily Reserve Eden Prairie property in Eden Prairie, MN., just outside Minneapolis.
Redwood Capital Group’s fully integrated property management company, Redwood Residential, will manage the property.
Formerly called ReNew Eden Prairie, the garden-style property is located at 13905 Chestnut Drive and comprises five three-story residential buildings. Reserve Eden Prairie features one-, two- and three-bedroom layouts with an average size of 956 square feet.
“Acquiring value-add properties in prime locations has been part of a two-prong strategy to our success and growth, which means Reserve Eden Prairie aligns perfectly with Redwood’s commitment to extend into engaging markets and strengthen our national portfolio of high-quality multifamily assets,” said Bill McDougall, managing director, investments and head of acquisitions at Redwood Capital Group.
“The improvements we have planned will make this already stellar property even more attractive to the increasing demographic of residents in this area in need of quality, updated rental housing.”
Through its in-house construction division, Redwood Capital Group will project manage multiple exterior, structural, mechanical and amenity improvements to the property in keeping with its value-add strategy.
“Based on market research and the pure demand we are seeing from renters, all indicators point to a continued strong apartment market in highly desirable suburbs like Eden Prairie – and we don’t expect that to change anytime soon,” said David Carlson, managing partner and co-founder of Redwood Capital Group.
A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!