Village Green to Manage 13th Property in Twin Cities Region
- Jun 19, 2014
Little Canada, Minn.—Multifamily owner and operator Village Green has announced that it is now under contract to manage Grand Pre East in Little Canada, Minn., on behalf of its new client, Los Angeles-based Loboda Properties. The contract for the 251-unit community solidifies Village Green’s 13th property in the Twin Cities region that it either owns or manages.
“Minneapolis/St. Paul continues to be one of our preferred areas to manage existing and develop new communities in,” says Diane Batayeh, COO of Village Green. “Loboda Properties is a new client and we thing there is great potential for this property.”
According to Finance & Commerce, an entity of Loboda Properties closed on the acquisition of the property on May 29 for a total of $19 million and the new owner hired Village Green as the third-party manager shortly after the transaction closed. The three-story, garden-style community was built in 1972.
Grand Pre East offers a spread of studio through three-bedroom apartments and offers a host of amenities including an indoor/outdoor pool, outdoor barbecue areas, a clubhouse, fitness center, putting golf course and heated underground parking.
Grand Pre East will eventually undergo a rebranding to one of Village Green’s five distinct brands. The new owner and management company are in the process of evaluating the characteristics of the community to determine the brand that will best fit the property.
With the addition of Grand Pre East, Village Green’s portfolio now stands at 170 properties across 17 states.
According to its website, Loboda Properties focuses primarily on the acquisition and stabilization of 100-unit-plus, Class B communities built after 1970 that have a market value of $4 million and greater.