PCCP, Excelsior Group Acquire Metro Minneapolis Community
- Jul 31, 2020
A joint venture between PCCP LLC and The Excelsior Group has purchased a “modern farmhouse” style community in Maple Grove, Minn., for an undisclosed price.
Located at 8601 Goldenrod Lane N., the 66-unit Mills Creek has each of its units as a stand-alone residence. The two-, three- and four-bedroom floorplans range in size from 1,249 to 1,953 square feet and include an attached two-car garage, patio and lawn care and snow removal. The homes were designed with exposed beams, open floorplans and industrial accents to highlight a modern farmhouse style. The community’s amenities include a clubhouse, business center, fitness center, community garden, pool, outdoor fireplace and grilling station, putting green and dog park.
Mills Creek is also near interstates 94 and 494, giving its residents a 20-minute drive to downtown Minneapolis and a quick commute to the area’s employers.
The homes were delivered over a course of two years with the first being delivered in May 2018 and the last in May 2020. Alexandra Schultz, PCCP’s vice president, said in prepared remarks that the Maple Grove area was popular for families due to its many retail amenities, solid school system and proximity to many employment nodes.
PROVIDING MULTIFAMILY FINANCING
While PCCP acquires and develops properties, the company has been more active in providing acquisition and construction loans. In March, PCCP provided a $49.2 million construction loan for a 458-unit community in Phoenix and a $46 million acquisition loan for a two-building community in Austin, Texas. Earlier this year, the company also provided a $100.6 million loan to a joint venture to build a 380-unit community in Charleston, S.C.