Upscale Minnetonka Apartments Sold for $23M
Chasewood Gates, an upscale apartment complex located at 6100 Chasewood Parkway in Minnetonka, has been purchased for about $22.7 million.
Keith Collins of CB Richard Ellis in Minneapolis-who helped arrange the sale-confirmed on Tuesday that the luxury apartment complex was sold to St. Paul-based At Home Apartments, LLC.
Tuesday calls seeking comment from At Home Apartments were not immediately returned. According to a Star Tribune report, At Home Apartments co-owners Mike Cashill and Alan Spaulding purchased the property along with a third investor, whose name has not been revealed.
Chasewood Gates originally featured 394 rentals, but approximately 188 have since been sold as condos. At Home Apartments purchased 206 units-including 162 apartments in two buildings and 44 “villas” with garages, according to Collins. The rental units purchased by At Home Apartments were about 99 percent leased at the time of the sale.
The buyers paid about $110,000 per unit, and the deal closed last Tuesday. Collins said that the deal received about 20 offers, and it was sold by CAPREIT-a Rockville, Maryland-based real estate investment trust-and its institutional partners.
At Home Apartments' Web site lists Chasewood Gates as one of its properties. The complex occupies 34 acres, and its amenities include tennis courts, a pool with a sundeck, a 24-hour fitness center, and access to hiking and biking trails.
At Home Apartments owns or manages roughly 3,500 units in the Midwest, including the Minneapolis-St. Paul metro area, St. Cloud, and Kansas City, Kansas, according to the company's Web site.