San Francisco-based FPA Multifamily paid $61.1 million for a 375-unit apartment complex in Eden Prairie, MN that was built in the mid-1980’s.
The company bought the property, previously known as Parkway Apartments, from Chicago-based Trilogy Real Estate Group in a deal that closed on Feb. 20, according to a certificate of real estate value made public on Thursday. The purchase price works out to about $163,000 per unit.
Parkway, which has been renamed ReNew Apartments at Eden Prairie, is comprised of five, three-story buildings spread over 28.7 acres at 13905 Chestnut Dr. in Hennepin County. The site is bisected by Chestnut, and sliced diagonally by Anderson Lakes Parkway. The northern half shares a border with Purgatory Creek Conservation Area.
The multifamily complex offers one-, two- and three-bedroom flats, with rents ranging from $1,093 to $1,566 per month. The apartments average between 785 square feet for a one-bedroom to 1,280-square-foot for a three-bedroom unit.
The property was valued at $55,208,000 for taxes payable in 2018, according to Hennepin County records. Trilogy acquired the asset from Invesco Advisors Inc. in July 2012 for $41.54 million, or $111,000 per unit, according to CoStar data.
See CoStar COMPS #2525539.
In recent months, FPA has been active in the Minneapolis-St. Paul market, mostly on the buying side. In early January, the company bought two student apartment buildings at the University of Minnesota campus in Minneapolis for $27.4 million.
On the other hand, FPA is selling The Paragon apartments, a 216-unit complex at 10670 Brunswick Rd. in Bloomington valued by the County at about $20.4 million for taxes payable in 2018. The property is listed on FPA’s website as under contract, which was confirmed by FPA’s broker, Lance Steiger of the Bloomington office of Cushman & Wakefield.
Steiger and Patti Harrison, FPA’s chief dispositions officer, declined to disclose any further information about the pending sale. FPA has seven offices around the country, including a branch at 3600 American Blvd. W in Bloomington, MN.
Executives at Triology could not be reached to comment on the sale. Trilogy owns two other multifamily properties in Minnesota, according to its website – the Woodlands of Minnetonka and Valley Creek in Woodbury.
