Argosy Real Estate Partners Acquires Site for Development of The Preserve at Albertville
We are pleased to announce that Argosy Real Estate Partners has closed on the land acquisition for The Preserve at Albertville, the development of a 70-unit detached single-family build-for-rent community located on a 40-acre site in Albertville, MN, approximately 26 miles northwest of downtown Minneapolis. According to CoStar, Albertville has experienced strong population growth and residential demand over the past several years due to the strength of the school district, numerous parks and outdoor amenities, and accessibility to both Minneapolis-St. Paul and St. Cloud via I-94. The project is located adjacent to a Lutheran church and across the street from St. Michael-Albertville Middle School West, which is ranked by Niche in the top 4% of public middle schools in Minnesota.
The project will feature a mix of two- to five-bedroom detached single-family homes. Each home will include a washer and dryer, a two-car attached garage, and a backyard, while common area amenities will include a clubhouse with fitness center as well as an outdoor swimming pool. With private yards and garages and no shared walls, residents will maintain their privacy and enjoy the full benefits of a traditional single-family home.
The operating partner is Integrate Properties, LLC, a Minneapolis-based real estate developer that specializes in single-family residential and build-for-rent development. Integrate’s founder, Ian Peterson, was formerly an executive with Watermark Equity Group, Argosy’s operating partner on three previous build-for-rent projects including one comparable build-for-rent development in the Minneapolis MSA.