CBRE arranged the sale of Gates at Carlson Center, a 435-unit multifamily property in Minnetonka, Minnesota. FPA Multifamily purchased the property from a global investment advisor for an undisclosed amount. CBRE’s Abe Appert, Keith Collins and Ted Abramson represented the seller in the transaction.
“The property has consistently been a top operational performer for the seller over the past 17 years,” said Collins. “Despite the volatility in the capital markets, CBRE saw strong interest in this offering due to its location, size and operational trendline.”
Gates at Carlson Center is located at 300 Carlson Parkway, near over 2.2 million square feet of retail space between Ridgedale Trade Area and West End Retail and 15 minutes from downtown Minneapolis. Gates at Carlson Center include a range of one- and two-bedroom floor plans. The property is currently 96.8 percent occupied, and 98 percent of the units have undergone extensive renovations since its original construction in 1990.