CBRE Negotiates Sale of 168-Unit Multifamily Community in South Twin Cities Suburb

CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily community in Eagan, Minnesota, to Reacor Ltd.

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

Built in 1988, the property is located at 4116 Lexington Ave. South. It comprises seven residential buildings with studio-, one- and two-bedroom floorplans averaging 723 square feet. Apartment amenities include balconies or patios, stainless-steel appliances, faux-wood vinyl flooring, shaker-style cabinetry and LED-lighting fixtures. Community amenities include a 24-hour fitness center, clubhouse with Wi-Fi, barbecue grilling area, playground, swimming pool and laundry facilities. The property has 360 total parking spaces, including 168 covered spaces across 11 detached garage buildings and 192 surface spaces.

“Lexington Hills demonstrates the continued interest in Twin Cities suburban multifamily. The capital markets remain active and the stability in the ten-year treasury has taken away a level of uncertainty. Sentiment post-NMHC was very positive for forward fundamentals in the space, although there are some micro location challenges due to supply,” said CBRE’s Abramson.

Lexington Hills sits on 16.51 acres just north of Diffley Rd. between I-35E and State Highway 3. It’s within a short drive to numerous retail centers and recreation opportunities, including Diffley Marketplace, Eagan Town Center, Eagan Promenade, Patrick Eagan Park and Quigley Lake. It’s also a short walk from Eagan High School.