Redwood Capital Sells Minnesota Apartments for $107M

Hampshire Hill. Image courtesy of Mesa West Capital

Bader Diamond Funds has acquired the seven-building Hampshire Hill multifamily property in Bloomington, Minn., from Redwood Capital Group. Mesa West Capital provided an $85 million loan to fund the purchase of the asset. According to Yardi Matrix data, the sale price was $107 million.

Located at 10660 Hampshire Ave., the 534-unit property offers studio, one- and two-bedroom apartments, ranging from 550 square feet to 1,250 square feet. The three-story structures at the site were constructed on 30 acres in 1987 and were partially renovated in 2019.

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Apartment amenities include controlled access, energy-efficient appliances, microwaves, dishwashers, disposals, hardwood floors, large closets, with private balconies/patios available in select units. Residents have access to conveniences that include a fitness center, a yoga studio, a business center, a barbecue/picnic area, a clubhouse, a volleyball court, a basketball court, a leash-free pet park, a playground, a swimming pool and a sundeck, along with a total of 1,000 parking spaces above and below ground.

Hampshire Hills is near Hyland Lake Park and the Wilkie Unit of Minnesota Valley National Wildlife Refuge. The property is close to the intersection of U.S. 169 and State Road 13 and about 16 miles southwest of downtown Minneapolis.

Murray Kornberg with Colliers International arranged the acquisition financing on behalf of Bader, while Matthew Snyder led the Mesa West team.