Redwood Capital Group and Heitman have paid $86.8 million for ReNew Eden Prairie Apartments, a 375-unit multifamily asset in the suburban Twin Cities, according to public records. FPA Multifamily sold the property after a little more than four years of ownership.
The Redwood JV secured $56 million in acquisition financing for the deal. PNC Bank provided the loan, per records filed with the county.
Located at 13905 Chestnut Drive in Eden Prairie, Minn., the community was built in 1986 and is located some 15 miles southwest of downtown Minneapolis. The property has a mix of one-, two- and three-bedroom units along with a range of amenities including a CrossFit gym, outdoor and indoor swimming pools, a racquetball court, and a business center.
The new owner plans to utilize the property as a value-add play with a series of upcoming renovations. The community, now rebranded as Reserve Eden Prairie, will see a new dog park, updates to the fitness center, and clubhouse modernizations, in addition to unit upgrades.