Reacor has acquired Lexington Hills, a multifamily community in the south suburban Twin Cities submarket of Eagan, Minn., from Monument Frozen Tundra. CBRE negotiated the deal.
“We have transacted with both groups in the past several times, so there weren’t any notable hurdles,” Ted Abramson, senior vice president at CBRE Minneapolis, told Multi-Housing News. “The Twin Cities is seeing continued interest from capital. The stability of our market is rising to the top as a key driver for investor interest.”
Situated at 4116 Lexington Ave. South, Lexington Hills is a 168-unit community comprised of seven two-story buildings. The property features studio and one- and two-bedroom layouts averaging 723 square feet. Completed in 1988, Lexington Hills was 97.6 percent occupied at time of sale.
Features and finishes of residences include shaker-style cabinetry, LED lighting fixtures, stainless steel appliances and private balconies or patios. A 24-hour fitness center is among the common area amenities, as is covered parking. The property offers 168 covered spaces across 11 detached garage buildings while also offering 192 surface spaces.
Located just north of Diffley Road between Interstate 35E an State Highway 3, Lexington Hills occupies 16.5 acres. A number of retail centers and recreational opportunities are situated within a short trip by private automobile.
Along with Abramson, Keith Collins And Abe Appert of CBRE represented the seller in the transaction. Last month, Elan West End, a multifamily community in the western Minneapolis suburb of St. Louis Park, Minn., changed hands for $53.4 million.
