A multifamily community located just off Interstate 35W in Burnsville, MN has sold to West Palm Beach, FL-based Priderock Capital Partners for $37.25 million, or about $123,000 per unit.
Priderock has tapped Charleston, SC-based Greystar to take over management of the complex, which will soon to be rebranded as the Glen at Burnsville.
The 47-year-old, 304-unit complex at 13000 Harriet Ave. S. was known for much of its existence as the Raven Hill Apartments, but appears to have been renamed River South by the selling party, an LLC called Hudson Redwood Raven Hill.
Hudson Redwood has owned the property since May 2014, when it purchased the complex for $26.93 million ($89,000 /unit) from Condor Corp., according to CoStar data. Hudson Redwood is tied to two investment companies, Chicago-based Redwood Capital Group and Hudson Capital Properties, which is based out of New York City. Both list the property as one of its holdings on their respective websites.
The latest deal closed last Wednesday, according to a certificate of real estate value made available on Friday.
None of the parties involved in the sale responded to requests for comment, though Greystar did confirm via email on Monday that it would be operating the property on behalf of Priderock.
The complex sits on 15.7 acres in the southwest quadrant of the junction between Burnsville Parkway and I-35W, and consists of three structures, including two apartment buildings and a clubhouse. Amenities include a swimming pool, fitness center and a sand volleyball court.
Dakota County gave the property an assessed value of $35.39 million for taxes payable in 2019.
Priderock describes itself as a private multifamily asset manager that acquires, develops, renovates and manages apartment properties. The company states that it has more than 10,000 units in 18 different states. This appears to be its first buy in Minnesota.