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(68 Units) – St. Louis Park, MN
| Acquired: | February 2018 |
| Project Capitalization (LTV): | $5,700,000 (76%) |
RSRC acquired this apartment community in the Minneapolis suburb of St. Louis Park. The property consists of 68 units averaging 749 square feet and is well located near Minnesota’s largest lake, Bde Maka Ska (Lake Calhoun). RSRC has implemented a broad renovation strategy, including new roofs and hallway and apartment renovations. We were also able to add three new apartments at the property. RSRC has pushed rents 30% since acquisition, and renovated units are realizing a $200 premium over unrenovated units.
- Minneapolis / St Paul