Argosy Real Estate Partners Acquires Canvas at Inver Grove Heights
We are pleased to announce that Argosy Real Estate Partners has acquired a 33.0-acre fully-entitled site for the ground-up development of Canvas at Inver Grove Heights, a 120-unit detached single family build-for-rent community. The site is located in Inver Grove Heights, MN, within proximity to downtown St. Paul, downtown Minneapolis, MSP International Airport, and Viking Lakes, a 200+ acre mixed-use development that includes the Minnesota Vikings’ new training facility and business headquarters.
The project will feature detached single family homes with a “modern farmhouse” design with open floor plans and two- to five-bedrooms. Each home will include washer / dryer, two-car attached garages, private backyards, and package drop-off boxes on the side of each home. The project will have common area amenities including a BBQ station, outdoor pavilion, dog park, green belts, fitness room, clubhouse, fitness trail, game lawn, and a pool. With private yards, garages and no shared walls, residents will maintain privacy and enjoy the full benefits of a traditional single family home.
Argosy’s operating partner, Watermark Equity Group (“Watermark”), is a real estate developer specializing in the construction of high quality single family rental communities. Founded in 2014 and based in Wheaton, IL, Watermark has acquired over 500 single family homes and more recently has completed two single family rental development projects totaling over 103 homes in the Minneapolis-St. Paul MSA.