CBRE Arranges Sale of Two Newly Constructed Build-to-Rent Communities in Woodbury Minnesota

CBRE has arranged the sale of two build-to-rent (BTR) communities totaling 170 units in Woodbury, Canvas at St. Croix and Canvas at Woodbury. The properties were purchased from a joint venture between Watermark and PCCP, LLC, a global investment management company, for an undisclosed amount.

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

“BTR communities continue to be a very attractive housing strategy alternative for investors,” said Abramson. “We saw significant demand from publicly traded, institutional, and BTR-focused strategies. The Woodbury location, site level, and surrounding demographics are reflected in the success of these communities. Single-family detached BTR communities across the country continue to perform well, and the Midwest stands out due to its limited supply in this product type.”

Canvas at St. Croix is located at 11483 Crestbury Drive, near the Interstate 94 and Manning Avenue intersection. Completed in 2024, the 89-unit property features a clubhouse and multipurpose room, a resort-style swimming pool, and attached two-car garages.

Canvas at Woodbury is located at 4644 Oak Point Lane, near Discovery Park and minutes east of Bailey Lake. Completed in 2022, the 81-unit property features a multi-use game lawn, a fitness center, and private yards and patios.