CBRE Secures $25M MN Community
Granite Woods Minneapolis purchased the 192-unit property, which is located in Plymouth. Brokers Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman negotiated the transaction.
By Adina Marcut
Granite Woods
CBRE secured the sale of Granite Woods, a 192-unit community located in Plymouth, Minn. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman worked on behalf of the seller, Arlington Arms LLC. Granite Woods Minneapolis LLC—an entity controlled by Curtis Capital Group—acquired the asset for $24.5 million or $127,343 per unit.
Located at 3925 Lancaster Lane N., near the intersection of Highway 169 and Rockford Road, Granite Woods is close to a variety of shopping, dining and entertainment venues such as Burger King, Taco Bell, Park and French Regional Park. Additionally, the Minneapolis-Saint Paul International Airport is a 30-minute drive from the property.
Built in 1972, the three-story community features two-bedroom units averaging 974 square feet. In-unit amenities include air conditioning, ceiling fans, walk-in closets, dishwasher and patio or balcony. The pet-friendly property offers common area amenities such as:
- fitness center
- clubhouse
- courtyard
- laundry facility
- sauna
- tennis court
- swimming pool
- game room
- garages
- dog park
- walking trails
CBRE recently arranged the sale of The Power Conference Portfolio, a 1,720-bed student housing portfolio.
Image courtesy of CBREÂ
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