CBRE Arranges Sale of 35-Unit Eagan Gables Townhomes in Southeast Minneapolis Suburb

CBRE has arranged the sale of Eagan Gables Townhomes, a 35-unit multifamily property in Eagan, Minnesota. Kentaurus Capital purchased the property from Eagan Gables LLC for an undisclosed amount.

CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller in the transaction.

“Investors were drawn to the property’s historic 99% occupancy as well as the townhome product, which is increasingly attractive to both renters and investors,” said Abramson. “We also received strong interest in this opportunity in part driven by the ability to assume an in-place mortgage substantially below today’s rates.”

Eagan Gables Townhomes is located at 861 Wescott Square, proximate to several major retailers including Promenade, Eagan Town Center and the Mall of America. Built in 1978 and renovated in 2012, the property includes a range of two- and three-bedroom floor plans and features double-car garages, vaulted ceilings, in-unit washers and dryers and private outdoor spaces.

According to CBRE Research, Midwest multifamily markets, including Minneapolis, are markets to watch in 2024. Supply-and-demand dynamics across the Midwest are expected to remain balanced throughout next year. This will support rent growth in 2024, while many markets facing supply pressures will have several quarters of negative rent growth.