CBRE Multifamily represented ownership in the sale of Deerfield Townhomes, a 166-unit townhome style apartment community in Hermantown, Minnesota, to a joint venture between Capital Solutions, Inc. and VDB Asset Management, LLC, which is wholly owned by Wayne Vandenburg, the chairman of TVO Groupe, LLC. The sale closed August 16, 2017.
Located 15 minutes outside of downtown Duluth, Deerfield Townhomes is a 211,490-square-foot residential community featuring 166 townhomes. The property offers an amenity package that is unmatched by other properties in the submarket, including an outdoor resort-style swimming pool with a sundeck, an outdoor basketball court, a playground, a fitness center, a sauna, and a clubhouse. In addition, all units include at least one heated attached garage.
The new owner plans to undertake significant renovations to enhance the property’s curb appeal and common areas as well as to upgrade all unit interiors.
Keith Collins, Abe Appert, Ted Abramson, Robert Lockman and Laura Hanneman in CBRE’s Minneapolis office represented the seller, RRE Deerfield Holdings, LLC.
