CBRE Arranges Sale of 66-Unit Build-to-Rent Community in Maple Grove, Minnesota

CBRE has arranged the sale of Mills Creek, a 66-unit build-to-rent (BTR) multifamily community in Maple Grove. Curtis Capital Group purchased the property from a joint venture between Watermark and PCCP for an undisclosed amount.

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

"This property received significant interest because of its premier Maple Grove location, which has been an active BTR development submarket in the Twin Cities due to its great proximity to jobs and strong demographics,” said Abramson. “In addition, assumable debt at a below-market rate and attractive leverage was accretive to returns, thus driving interest.”

Mills Creek is located at 8601 Goldenrod Lane, just minutes northeast of the Interstate 94 and Interstate 494 interchange and the Shoppes at Arbor Lakes. Built in 2019, the property features 66 detached homes averaging 1,679 square feet each.

Community and unit amenities include attached two-car garages, private driveways and entrances, a clubroom with entertainment space, a business center, a resort-style pool and sundeck, an on-site dark park, a fitness center, stainless steel appliances, SmartRent technology, finished basements, an organic community garden, and walking trails.