by Dan Rafter
Certain real estate deals stand out. Capri Capital Partners’ sale of the Stoneleigh at the Reserve Apartments in Plymouth, Minn., is one of them. Why? The apartment sale ranks as the largest apartment transaction in the Minneapolis/St. Paul area during the past two years.
Capri Capital Partners, which is based in Chicago, sold the 361-unit apartment community for $53 million. That’s the highest figure that any apartment building in the Twin Cities area has notched during the last two years.
In 2011, though, Park Place Apartments, also in Plymouth, fetched $54.7 million for its 500 units.
The apartment sector in the Twin Cities continues to be a hot one, with developers adding new rental units to the area and investors eager to seek their dollars into existing projects.
Abe Appert, Keith Collins and Laura Hanneman of CBRE‘s Minneapolis office represented the seller in this deal.
Weidner Apartment Homes, based in Kirkland, Wash., bought Stoneleigh at the Reserve. This is the company’s first purchase in the Twin Cities area. The company, though, is no stranger to apartments: Weidner owns more than 38,000 apartment units across the United States and Canada.