CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Provence, a 157-unit apartment community in the suburban Minneapolis neighborhood.
CAPREIT will soon begin renovating many of the community’s apartment features to provide a more modern living experience to better fit its transit-friendly location. The community sits at 1701 West 143rd Street, about 18 miles south of Minneapolis and 23 miles southwest of St. Paul. With Interstate 35W and I-35E in close proximity and the Burnsville Transit Station within four miles, residents have expedient access to the Twin Cities and professional jobs across the metropolitan area.
“Provence possesses tremendous upside as one of the newest properties in the immediate area,” said Ernie Heymann, chief investment officer for CAPREIT. “It was a key acquisition for us, and one we targeted with the knowledge that it will be difficult for competitors to develop new product in the area. We believe our renovations will add sustainable value and place Provence among the most appealing communities in the south Minneapolis submarket.”
Notable for its French country architectural scheme, Provence is part of the Burnsville area that became fully developed in the early 2000s. The state’s 10th-largest city has developed a suburban/rural character of its own from its perch on the southern bank of the Minnesota River. Nearby Murphy-Hanrehan Park reserve is home to several cross-country skiing trails, nature trails and well-acclaimed Alimagnet Dog Park. Buck Hill ski area, which offers 16 trails and night skiing, is within two miles of the community. Earley Lake is less than a mile to the south.
The Burnsville Center, one of the state’s largest enclosed malls that includes roughly 150 local and national retail outlets, is less than a half-mile from Provence. Cub Foods, Dick’s Sporting Goods and Paragon Odyssey 15 IMAX Theater are among the additional nearby retailers. Local cuisine options include Buca di Beppo, Porter Creek Hardwood Grill, India Palace, Outback Steakhouse and numerous additional national chains.
Provence consists of 1- and 2-bedroom apartments, with homes on the larger end surpassing 1,300 square feet. CAPREIT’s renovation will include the implementation of plank wood flooring, new countertops and updated plumbing and lighting fixtures.
Apartment homes feature nine-foot ceilings, some tray vaulted, and large windows designed to channel an abundance of natural light into the homes. Kitchens include breakfast bars, European-style cabinetry and each home is equipped with a full-size washer and dryer. Community amenities include a fitness center, outdoor pool, business center, heated underground parking and an electronic key system.
Including Provence apartments, CAPREIT currently owns and operates nearly 13,000 apartment homes across the nation.
As one of the nation’s leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities.