IRET recently revealed that it acquired Park Place Apartments for $92.3 million. The 500-unit multifamily community is located in the highly desirable Twin Cities submarket of Plymouth, Minnesota.
“This acquisition demonstrates our commitment to our stated strategy of adding multifamily properties, creating operational efficiencies, and deepening our presence in the Twin Cities market,” stated Mark O. Decker Jr., President and CEO. “The inherent demand and demographics within this submarket coupled with limited new supply allows us to capitalize on additional revenue generating opportunities that we believe will translate into sustainable and growing cash flows within our multifamily portfolio.”
Originally built in 1985, Park Place Apartments boasts a tranquil sprawling garden setting across 32 acres. The property is currently over 95% occupied and has approximately 571,000 rentable square feet within four apartment buildings. One additional building serves as the property’s clubhouse. Other amenities include in-unit washers and dryers, private patios/balconies, state-of-the-art fitness center, business center, two swimming pools, tennis courts, playground, picnic/grill areas, and heated underground parking.
Park Place is located in the city of Plymouth, a premier suburban community located 10 miles northwest of downtown Minneapolis. Nationally recognized for its quality of life, Plymouth offers:
Proximity to major employers, which include Cargill, Carlson Companies, General Mills, The Mosaic Company and St. Jude Medical;
Award winning school district – Wayzata schools is the preferred school district due to superior academics and athletic teams;
Nearby restaurants, shopping, and entertainment venues; and
Access to extensive trails and parks as well as diverse recreation programs.
Plymouth is the third largest suburb of the Minneapolis-Saint Paul MSA, the 16th largest metropolitan area in the U.S. with approximately 3.3 million residents.