CAPREIT buys third metro senior project in 2 years.


Byline: Matt M. Johnson

Maryland-based CAPREIT has swooped into St. Paul to take another bite out of the Twin Cities' senior housing inventory.

An entity related to CAPREIT paid $15.2 million for the 160-unit Parkway Gardens apartments at 1145 Hudson Road, according to a certificate of real estate value made public late last week. The 55-plus apartments, which were built in 2005 and then remodeled in 2011, are just northwest of the Interstate 94 and Highway 10 intersection.

Bridgecreek Senior Place LP, an entity related to Dallas-based Alliance Tax Advisors, was the seller.

The deal, which closed on Oct. 2, works out to $95,000 per unit, which is below the $135,873 average selling price for 56,334 apartment sales tallied by the Finance & Commerce Twin Cities Apartment Sales Tracker since 2011. Ramsey County values the property at $18 million for tax purposes.

Neither the buyer, nor the seller, responded Tuesday to requests to comment on the transaction.

CAPREIT has exhibited a taste for Twin Cities senior housing. CAPREIT paid $17.39 million for the 96-unit second phase Remington Cove Apartments in Apple Valley in June 2018, and paid $19 million in November 2017 for the 101-unit first phase of the senior apartments. The company owns six other Twin Cities apartment complexes, including the 117-unit Lake Jonathan Flats in Chaska.

St. Cloud-basedTrident Development built both Remington Cove and the Lake Jonathan Flats.

Renovated 2011, the 14-year-old Parkway Gardens have underground parking, an on-site hair salon, an onsite wellness clinic and laundry facilities on each of the...

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