CAPREIT has added to its Twin Cities presence with the recent purchase of a 157-unit apartment community in Burnsville. The Rockville, Md.-based multifamily specialist paid $19.5 million for Provence Apartments, according to data from Yardi Matrix. That translates to $124,204 per unit, higher than the $118,760 national average.
CAPREIT’s planned upgrades include new plank wood flooring and counter tops, as well as updated plumbing and lighting fixtures. Yardi Matrix reports that the REIT purchased the property from Boisclair Corp., also assuming a $14.7 million CMBS loan that matures in 2022.
Located at 1701 W. 143rd St., approximately 20 miles from both Minneapolis and St. Paul, Provence Apartments offers easy access to Interstate 35W and Interstate 35E, as well as attractions such as Burnsville Center shopping mall, the Buck Hill ski area and Earley Lake. The one- and two-bedroom community offers fitness and business centers, an outdoor swimming pool, heated underground parking and an electronic key system.
“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,” said Ernie Heymann, CAPREIT’s chief investment officer, in a statement. “We believe our renovations will add sustainable value and place Provence among the most appealing communities in the south Minneapolis submarket.”