Argosy Real Estate Partners Acquires Land Site for Anton Village in St. Michael, Minnesota
We are pleased to announce that Argosy Real Estate Partners, in partnership with The Excelsior Group, has closed on the first land phase of Anton Village, a 156-acre land site located in St. Michael, Minnesota to be developed into 335 single-family lots. The partnership closed on the initial 81 acres and will close on the subsequent 75 acres in 2022. The majority of lots at Anton Village are currently under contract to be sold to two prominent homebuilders active within the Minneapolis/St. Paul MSA.
Anton Village is located within a highly ranked school district experiencing significant lot demand for new home construction from a wide range of national and regional homebuilders. As of April 2021, the median home sale price in the Minneapolis MSA was up 10.5% year-over-year, while inventory (measured as months of supply on the market) was only one month, well below market equilibrium of approximately six months, according to the Minneapolis Association of Retailers.
The Excelsior Group is a full-service real estate firm based in Minneapolis that specializes in the development of multifamily, industrial, office, retail, hospitality and residential land. The Excelsior team has decades of experience in real estate development, management and investment. Excelsior has developed strong relationships with significant active homebuilders through their previous residential land projects. Excelsior and Argosy have previously partnered on a portfolio of three residential land developments as well as an office investment that was successfully exited in June 2016.