CBRE has negotiated the sale of Lexington Hills, a 168-unit multifamily community in Eagan, Minnesota, to Reacor Ltd. CBRE’s Ted Abramson, Keith Collins and Abe Appert represented the seller, Monument Frozen Tundra LLC, in the transaction.
“Lexington Hills demonstrates the continued interest in Twin Cities suburban multifamily. The capital markets remain active, and the stability in the ten-year treasury has taken away a level of uncertainty. Sentiment post-NMHC was very positive for forward fundamentals in the space, although there are some micro-location challenges due to supply,” said CBRE’s Abramson.
The property was built in 1988 and is located at 4116 Lexington Avenue South. It comprises seven residential buildings with studio-, one- and two-bedroom floorplans averaging 723 square feet. Lexington Hills sits on 16.51 acres and is situated close to several retail centers and recreation areas.
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