WHITE BEAR LAKE, MN - Minneapolis based Timberland Partners is pleased to announce the acquisition of White Bear Woods, a well-established apartment community located in White Bear Lake, Minnesota. White Bear Woods represents the firm’s tenth multifamily community in the Twin Cities market. Timberland Partners acquired the 304-unit complex from Chicago-based LivCor Multi-Family Asset Management. Today, Timberland Partners owns and manages more than 11,500 apartment units spanning 12 states.
Timberland Partners Vice President of Investments, Matt Fransen, said “Timberland Partners is excited about the acquisition of White Bear Woods. The property is the beneficiary of a strong location that continues to improve over time. White Bear Lake residents are proud of their community. White Bear Woods' strong physical attributes, well-kept grounds, Class-A clubhouse and amenity package give the property a unique presence within the market.”
Located at 4776 Centerville Road, White Bear Woods was built in 1988 and consists of 304 studio, one-, two-bedroom apartments in four garden-style buildings. In 2008, a state-of-the-art luxury clubhouse facility was added to the property which included a resort-style swimming pool, outdoor gas fireplaces & seating areas, fitness center, community gathering room and leasing offices. In 2010, the property's roofs were completely replaced as was the majority of siding. A portion of the unit interiors have been renovated over the past six years with new appliances, cabinets, countertops, flooring and lighting.
A number of improvements are planned for White Bear Woods, including higher-grade kitchen finishes, lighting and appliance packages. Parking lot improvements, tennis court updates, new fencing and landscaping will also be part of the site renovation plans.
Abe Appert and Keith Collins of CBRE represented the seller. The buyer’s financing was placed by Joel Torborg with CBRE.
Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
About Timberland Partners: Founded in 1992, Timberland Partners is an award winning real estate investment, management and development firm which now owns and manages 58 apartments communities totaling over 11,500 units in twelve states. For more information, please contact Matt Fransen, Vice President of Real Estate Investments, at mfransen@timberlandpartners.com or 952.843.2031 or visit timberlandpartners.com