A-Rod pays $ 30 million for a resort
A real estate investment firm co-founded by Alex Rodriguez, the former professional baseball player and new co-owner of the Timberwolves and Lynx, has acquired an apartment complex in West St. Paul for $ 30.25 million this month- this.
Minneapolis-based Timberland Partners has sold the Eagle Pointe Apartments, located at 2044 Oakdale Ave., to Monument Capital Management of Rodriguez. The Coral Gables and Rodriguez-based company have already invested in the state, including Rodriguez’s recent $ 1.5 billion deal to buy the Timberwolves and Lynx from Glen Taylor.
Rodriguez, also known as “A-Rod,” purchases the NBA and WNBA teams in partnership with e-commerce mogul Marc Lore. The two were in the Twin Cities earlier this week for an introductory press conference, during which Rodriguez said they had no plans to move the teams, according to the AP.
âOur plan is to be here,â he said.
âWe are extremely optimistic about Minnesota as a whole and very pleased with this particular acquisition,â said Stuart Zook, Monument’s investment manager, in a press release from Monument. âIt perfectly matches our acquisition criteria, that of being in a strategic location, close to a major employment center.
Erin Knight, President of Monument, also said in the statement that âworkforce housing is one of the most pressing housing needs. â¦ We look forward to exploring other opportunities in Minnesota.
JLL announced the closure of the West St. Paul apartment in a press release on Wednesday. Senior Managers Josh Talberg, Dan Linnell and Mox Gunderson and Manager Adam Haydon led his team of Capital Markets Investment Sales Advisors, which represented the seller.
âEagle Pointe has provided the rare opportunity to acquire a well-maintained apartment community in the highly desirable Twin Cities suburb of West Saint Paul,â Talberg said in the statement. âDemand for well-located apartment assets in the Twin Cities remains strong from local buyers to domestic buyers, given impressive market fundamentals and world-class economic drivers. “
Talberg added that they have more than $ 200 million in capital to pursue the $ 30 million transaction.
Monument operated as Monument Eagle Pointe LLC on the sale, while Timberland listed three entities on the eCRV. These were Timberland Partners XXXIV, LLP; Timberland Partners III, LLP; and Michael A. Nelson, LLC.
The sale included a down payment of $ 1 million, according to the eCRV.
The eight-building apartment complex was built in 1972 on less than 12 acres. It sits directly east of the Southview Country Club and between US Highway 52 and South Robert Street. The property is north of Interstate 494.
With 216 units, the sale is over $ 140,000 per unit. Its three-story buildings house one- and two-bedroom units that average in size from 708 to 945 square feet, according to CoStar.
Its amenities include a fitness center, clubhouse, indoor and outdoor pools, picnic area, heated underground garage, laundry room, playground and tennis court, JLL said.
The property is outside of Monument’s major investment areas, which include the Mid-Atlantic to Florida, the Gulf Coast and Texas. But the company has already invested in Minnesota.
Entities managed by Monument Real Estate Services, a sister company of Monument Capital Management, have added two Eagan apartment complexes to its portfolio. Monument Parkside LLP paid $ 8.485 million for the 64 Parkside Apartments at 3500 Lexington Ave. S. in Eagan. A related company also paid $ 6.8 million for the 32 Crossroads of Eagan apartments at 1264 Duckwood Drive, Finance & Commerce reported.
“Our investment objective is to opportunistically identify assets in markets with an identified set of attractive demographics at a transaction size where competition is limited and where our exceptional management team can add immediate operational value through our proven investment management model, “according to the company’s CoStar description. .
Timberland owns and manages more than 18,500 units in 85 apartment buildings, located in 17 states. Earlier this year, Timberland closed a land sale to bring more than 240 new apartments to a premier redevelopment site in Eden Prairie. The sale was worth $ 3.5 million, Finance & Commerce reported.
A-Rod takes over the Eagan Apartments
Timberland acquires Eden Prairie site
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