Business & Tech
Colorado Investment Co. Snaps Up Stone Grove Apartments
Monarch Investment & Management Group bought the 228-unit apartment complex for $17.3 million.
A colorado company has acquired Stone Grove Apartments, a 38-year-old complex located off Highway 13 and Interstate 35. The company, Monarch Investment & Management Group, bought the 228-unit building, for $17.3 million last week, according to a report from the Minneapolis St. Paul Business Journal.
Monarch is based out of Franktown, CO. The company owns aa nationally franchised hotel and a ski and snowboard resort and apartment buildings in spread over 11 states in the Midwest and Southwest.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
Prior to the Burnsville buy, the company had only one holding in Minnesota—Eden Park Apartments in Brooklyn Center. Apparently, the firm had quite a bit of competition for the Burnsville property.
"We had strong buyer interest in the asset and toured groups from across the country," said Gina Dingman, principal of Everest Real Estate Advisors, who represented the seller in the transaction.
Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.
The apartment complex at 2525 Williams Drive in Burnsville offers an array of amenities—including an on-site Montessori school, dry sauna, and underground parking among other things.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
