Greystar has expanded its build-for-rent portfolio, opening a 220-unit community in Maple Grove, Minn. The company began construction on the property, Summerwell Maple Grove, in summer 2022. The developer tapped Eagle Building Co. as the general contractor for the project, with ESG as the project’s architect.
Summerwell Maple Grove offers townhouse units with two-, three- and four-bedroom floorplans ranging from 1,187 to 1,996 square feet. The apartments were built with two-car attached garages, built-in Wi-Fi and smart home technology. Interiors include subway tile backsplashes, granite countertops and nine-foot kitchen islands, with some units featuring electric vehicle chargers and fenced-in back yards. Community amenities include a 24-hour fitness center, as well as a yoga studio, playroom and putting green, an outdoor fireplace, a pool, dog park, playground, heated bus waiting area, walking trails and remote workspaces.
Located at 10339 Orchid Lane N., the community is near several retail and restaurant options, including the Shops at Arbor Lake shopping center, which is situated one mile away. Both US-94 and MN-610 are located nearby, offering residents easy, drivable access to outdoor recreational areas like Elm Creek Recreation Area, Central Park of Maple Grove and Fish Lake Regional Park. Maple Grove, which is located in Hennepin County, is an approximately 20-minute drive from Minneapolis.
Expanding BTR platform
Greystar invests in, develops and manages real estate assets across several sectors, including multifamily, logistics, and life sciences. In December 2021, Greystar partnered with CPP investments to develop and acquire purpose-built single-family rental communities across the U.S.
Summerwell Maple Grove represents Greystar’s first BTR community in Minnesota. The property is the latest in the firm’s Summerwell collection of single-family rental communities. Besides the Maple Grove project, Greystar began construction on Summerwell Sunterra, a 156-unit BTR community in Katy, Texas, in September. The company is also working on Summerwell Wildcat Ranch, a 176-unit BTR community, in Crandall, Texas.
