MINNEAPOLIS, MN - Minneapolis based Timberland Partners is pleased to announce the acquisitions of Ashton Creek Farms, located in Smyrna, Tennessee and Eastwood Ridge, located in Rochester, Minnesota. Founded in 1992, the company now owns and manages 76 apartment communities totaling 16,098 units in its portfolio spanning 15 states.
The 168-unit acquisition was funded by a newly formed ownership partnership. The 209-unit acquisition was funded by a reuse of equity through the 1031 tax-deferred exchange process. Timberland Partners anticipates offering additional investment opportunities as it continues to pursue a strategy of aggressive growth in the multi-family real estate market.
Ashton Creek Farms is a Class A property, built in 2014, consisting of one, two, and three bedroom apartments, hosting amenities such as a resort-style pool, fitness center, dog park, and clubhouse. Units feature nine-foot ceilings, stainless steel appliances, granite countertops, and hardwood-style flooring. As part of the capital improvement plan, an outdoor kitchen and firepit will be added along with updating the clubhouse, pool area and fitness center.
Timberland Partners Chief Investment Officer, Matt Fransen, said “Eastwood Ridge and Ashton Creek Farms are high quality assets in great locations. These two properties are strong additions to our growing portfolio nationwide.”
Eastwood Ridge is Class A property, built in 2016, consisting of one, two, and three bedroom floorplans, with amenities such as a clubhouse with coffee bar, fitness center, resort-style pool and dog park. Units feature nine-foot ceilings, stainless steel appliances, granite countertops, and hardwood-style flooring. Exterior capital improvements are planned to create a new grilling area, improve landscaping, and upgrade amenities.
Timberland Partners is a real estate investment and management firm which currently owns 16,098 apartments in 15 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.