CBRE recently facilitated the sale of Lexington Hills, a 168-unit multifamily community in Eagan, Minnesota. The property was sold to Reacor Ltd by Monument Frozen Tundra LLC. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller in this transaction.
According to Abramson from CBRE, the sale of Lexington Hills is indicative of the ongoing interest in suburban multifamily properties within Twin Cities. The current stability in ten-year treasury rates has also reduced uncertainty for potential investors. Despite some challenges with supply at certain micro-locations, sentiment post-NMHC remains positive for future fundamentals within this sector.
Built in 1988 and situated at 4116 Lexington Avenue South on a sprawling 16.51-acre lot, Lexington Hills comprises seven residential buildings offering studio-, one-, and two-bedroom floorplans averaging around 723 square feet each. Its prime location provides convenient access to various retail centers and recreational areas.
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