MIAMI, FL - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of Woodland North Apartments, a 198-unit community in the major Twin Cities suburb of Coon Rapids in Minnesota.
South Florida-based Eastham Capital acquired the community through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in 15 projects, all of which are currently delivering returns above pro forma.
“We are thrilled to acquire Woodland Apartments alongside Bender Companies as we expand across the Midwest,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “The acquisition gives us a high-quality asset at an attractive basis in a strong Twin Cities submarket. Coon Rapids benefits from healthy renter demand, with market occupancy above 96% and very little new supply coming online in the near term. Moreover, strong household incomes and relatively high home prices in the surrounding area should further sustain demand for quality rental housing.”
Woodland North is currently 94% occupied with average monthly rents of $1,424. The property offers a compelling value-add opportunity in one of Minnesota's fastest-growing submarkets. Following recent capital improvements, the business plan calls for additional upgrades across several apartment homes, including in-unit laundry and appliances, along with targeted enhancements to the exterior and amenities.
Originally constructed in 1979, Woodland North community offers a mix of studio, one-, two- and three-bedroom floor plans averaging approximately 1,029 square feet, with more than 70% of the community consisting of two- and three-bedroom apartments. Residences feature spacious layouts, ample closets, efficient kitchens, homey living areas, and controlled entries. Community amenities include a resort-style outdoor pool, underground and heated parking, a car wash bay, a community room, a fitness center, and tennis, basketball, and racquetball courts.
Woodland North Apartments is conveniently located on University Avenue near highways 610, 10, and I-35W. The property is near public transportation, walking paths, and major shopping centers. The drive into Minneapolis is less than half an hour, so residents can easily enjoy the city's entertainment and the suburbs’ conveniences.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com