Berkshire Acquires Recently Completed MN Community
- Mar 06, 2019
Berkshire Residential Investments has purchased the 191-unit The Parkway Off Central in Blaine, Minn. According to Yardi data, the seller was Minneapolis-based Schafer Richardson, which developed the community in 2017. The new owner will rebrand the asset as Berkshire Central.
Located at 9436 Ulysses St. NE, the community offers a range of studio to three-bedroom apartments, with amenities such as a fitness center, business center, community room and swimming pool. The easy access to Highway 65 connects the property to both Minneapolis, within 16 miles, and St. Paul, a little more than 19 miles. The asset was 94.8 percent leased as of January.
“The Parkway Off Central was a great opportunity for Berkshire to acquire product in a thriving Minneapolis suburb,” said Kel Frazier, vice president of acquisitions at Berkshire Residential Investments, in prepared remarks.
According to a Yardi Matrix seasonal outlook, the Twin Cities multifamily market has maintained one of the highest occupancy rates in the country, passed only by New York’s metros, backed by rebounding job gains and strong demographics.
Image courtesy of Yardi Matrix