June 26, 2017 -- The Laramar Group, a private real estate investment and property management company, announces the acquisition of the Equinox Apartments in St. Anthony, Minnesota.
Equinox Apartments is 266-unit apartment complex located in St. Anthony, MN with a desirable location five miles northeast of downtown Minneapolis and eight miles northwest downtown St. Paul. The property has proximity to both downtown areas and access to other suburban employment hubs such as Target's new Northern Campus (2,000 employees). St. Anthony boasts one of best school districts within the metro area with scores well-above the state and national averages. The population of 16,319 within a 1-mile radius of the property is anticipated to grow 4.5% over the next five years.
Equinox is directly adjacent to a Cub Food-anchored lifestyle center and across the street from the scenic Silver Lake. The property consists of nine, 3-story buildings spread across 18 landscaped acres in a park-like setting. The property includes a picnic/grill area, clubhouse, playground, fitness center and both indoor and outdoor pools. The property has been well-maintained, but an opportunity exists to renovate the apartments and common areas with more up-to-date finishes and amenities. “Over time, we plan to renovate all the apartments with new kitchens, bathrooms, flooring, paint, and lighting,” said Ben Slad, Vice President of Acquisitions for Laramar. “We also plan to improve the common areas and resident amenities to make sure these meet the expectations of the renters in this market.”
About Laramar: The Laramar Group, founded in 1989, with corporate offices in Chicago, Denver, and Los Angeles, is a national real estate investment and management company with more than 600 employees across the U.S. With an established strategy of pursing value-add investments in multi-family real estate on a national basis, The Laramar Group and its predecessor company have invested roughly $5 billion throughout the United States and currently owns and/or manages in excess of 30,000 units and over 2M square feet of retail assets. For each of its own investments, The Laramar Group oversees of renovation programs – from concept to construction – and property management. For more information, please visit www.laramargroup.com.
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