MINNAPOLIS, MN - Timberland Partners, a privately-owned real estate investment, development and management firm, announced that it has closed on the land and financing needed to begin construction on Elevate at SouthWest Station Apartments located in Eden Prairie, Minnesota, near SouthWest Station Metro Transit Center.
The $63.7 million, 222-unit mixed-income project was designed by Kaas Wilson Architects and will be constructed by Frana Companies, both based in Minneapolis.
Jones Lang LaSalle arranged a $49.7 million HUD-insured 221(d)(4) loan. Additional financing was also provided by Hennepin County, the City of Eden Prairie, and the Metropolitan Council. Ryan Sailer, Vice President of Development, commented that “Elevate marks our third project located adjacent to an LRT station. This project is unique because not only is it mixed-income, but it’s also mixed-use. It really aligns with the clear vision that both us, and the City of Eden Prairie had with regards to how the site was redeveloped. It’s another great example of what strong public/private partnerships can accomplish. Like our other TOD projects, Elevate utilized a variety of funding sources and because the LRT line will literally run along our property boundary, it involved close coordinate with the Southwest LRT Project Office. Everyone involved with this project deserves a lot of credit for bringing it to life.”
Elevate is immediately adjacent to the future SouthWest Light Rail Station, which sits on the Green Line that connects the SouthWest suburbs to both Minneapolis and Saint Paul. As part of the project, Timberland Partners plans to include sustainable features such as a ‘living’ green roof, rainwater cistern and permeable pavers along with electric car charging stations. Building amenities include a rooftop courtyard overlooking Purgatory Creek Park with pool, outdoor kitchen and bocce court. Additional amenities include a fitness center, yoga studio, community room, game room, co-working lounge, package center, heated underground parking with bike storage, playground, and dog run and spa. Apartment homes range from studio, one, two, and three bedrooms with penthouse options. Homes will feature granite countertops and vanities, fully equipped kitchens with tile backsplashes, in-unit washer and dryer, and private balconies. Master bedrooms include walk-in closets and kitchens will come with built-in USB charging ports.
Construction completion for Elevate is scheduled for August 2019.
About Timberland Partners: Founded in 1992, Timberland Partners is an award winning real estate investment, management and development firm. They own and manage 66 apartment communities totaling 12,972 units in thirteen states. For more information, please contact Ryan Sailer, Vice-President of Development at rsailer@timberlandpartners.com or 952.351.9308 or visit timberlandpartners.com.