Argosy Real Estate Partners Acquires Minneapolis Land Portfolio III in Maple Grove, MN (Minneapolis-St. Paul MSA)
We are pleased to announce that Argosy Real Estate Partners, in partnership with Twin Cities Land Development, has acquired Evanswood which consists of 144 acres of land to be developed into 365 residential lots within Maple Grove, Minnesota, a high barrier-to-entry, affluent suburb of Minneapolis that features desirable retail amenities, highly ranked schools and convenient access to the metro area. The 365 lot development will include 227 single-family lots and 138 attached townhome lots. The transaction, which consists of one of the few large vacant land sites remaining in Maple Grove, was sourced off-market through an assemblage of land parcels from two independent sellers. The investment will take advantage of record low for-sale home inventory within the Minneapolis market, as well as a market-wide shortage of well-located finished lots. The 227 single-family lots are under contract to be sold to three homebuilders, while the 138 attached townhome lots are under contract to be sold to a build-to-rent developer
Argosy’s co-investor and operating partner is Twin Cities Land Development (“TCLD”), a full-service Minneapolis-based developer and manager with significant expertise in land development in the Twin Cities. Argosy previously partnered with TCLD on the Minneapolis Land Portfolio I and II.