CBRE Arranges Sale of 435-Unit Gates at Carlson Center in West Minneapolis Suburb

CBRE has arranged the sale of Gates at Carlson Center, a 435-unit multifamily property in Minnetonka, Minnesota. FPA Multifamily purchased the property from a global investment advisor for an undisclosed amount.

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

“The property has consistently been a top operational performer for the seller over the past 17 years,” said Collins. “The buyer will look to continue this trend and has plans to invest in the property significantly. Despite the volatility in the capital markets, CBRE saw strong interest in this offering due to its location, size and operational trendline.”

Gates at Carlson Center is located at 300 Carlson Parkway, near over 2.2 million square feet of retail space between Ridgedale Trade Area and West End Retail and 15 minutes away from downtown Minneapolis, which contains over 216,000 jobs. The property is currently 96.8% occupied and 98% of units have undergone extensive renovations since its original construction in 1990.

Gates at Carlson Center include a range of one- and two-bedroom floor plans averaging 910 square feet and feature open lawn areas, an outdoor heated pool, a sun deck, a fenced-in dog park, grill stations, walking trails, a clubhouse with a kitchen and brick fireplaces, a fitness center and underground parking garages.