CAPREIT Acquires Second Phase of Remington Cove Apartments
CAPREIT Acquired Original Phase of Apple Valley Community in 2017
APPLE VALLEY, Minn., Sept. 4, 2018 /PRNewswire/ -- CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired the second phase of Remington Cove, a 196-home apartment community in the Twin Cities metropolitan area.
Based in the heart of Apple Valley about 20 miles south of Minneapolis and St. Paul, the second phase features 95 apartment homes and joins Remington Cove Phase I in the CAPREIT portfolio. The 101-home original phase was developed in 2015 and acquired by CAPREIT in 2017. Although the two phases combine to constitute one apartment community, CAPREIT acquired the phases in separate transactions.
"We're delighted to add Phase II to the CAPREIT family and to expand our presence in the wonderful Apple Valley market," said Jay Tucker, acquisitions associate for CAPREIT. "Whether our residents prefer the small-town feel of the community or the cosmopolitan sophistication and thriving employment market of a large-scale downtown, it's all within reach at Remington Cove."
Situated at 15430 Founders Lane, Remington Cove residents enjoy a commuter-friendly locale within walking distance of the Apple Valley Transit Station's Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is within a short drive, offering prime connectivity to the Twin Cities, Minneapolis-St. Paul International Airport and many local hot spots, including the world-famous Mall of America and Minneapolis Institute of Art.
Additional nearby attractions include the Minnesota Zoo, Guthrie Theater, Weisman Art Museum and several sporting venues, including state-of-the-art U.S. Bank Stadium, the home of the Minnesota Vikings that opened in 2016. Many parks and trails surround the community, and recreational enthusiasts are within 17 miles of spectacular Minnehaha Park, home to 53-foot Minnehaha Falls.
With the addition of the Phase II, Remington Cove consists of studio, 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units include electric fireplaces, and residents also have access to additional storage.
Common-area amenities at the pet-friendly, smoke-free community include heated underground parking, two fitness centers, outdoor fire pit and picnic patio, off-leash dog park, conference room, business center and a community room with full kitchen.
About CAPREIT
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
MEDIA CONTACT
Paul Willis
LinnellTaylor Marketing
[email protected]
720-280-5172
SOURCE CAPREIT
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