CBRE Arranges Sale of 275-Unit Multifamily Property

CBRE has arranged the sale of RiZE on Grand, a 275-unit apartment community located in Burnsville, Minnesota. LeCesse Development Corporation sold the property to The Connor Group in a transaction that closed August 23, 2022. A sale price was not disclosed.

Keith Collins, Abe Appert, and Ted Abramson from CBRE Minneapolis Multifamily represented the seller, LeCesse Development Corporation, in the transaction.

Located at the highly visible intersection of Interstate 35W/35E, RiZE on Grand is the first upscale, fully amenitized apartment community to be built in Burnsville in over two decades. The property opened in 2021 and features best-in-class amenities including an outdoor pool, fitness center, game room, fire pits, summer kitchen, rooftop sky deck, and dog park.

“Investors were attracted to this best-in-class asset because of its well-connected suburban location and the favorable market trends in Burnsville,” said Collins. “This is the second time LeCesse Development has sold a Twin Cities apartment community to The Connor Group, having sold City Walk Apartments (453 units) in Woodbury to them in 2019.”