Two of Burnsville's key rental properties have been snapped up by investors.
The CoStar Group reports that Pro One Management recently acquired the Burningham Apartments (1501-1513 Burnsville Parkway East) from Johnson Management Co. Pro One bought the 323-unit property for $15.8 million, or about $49,000 per unit.
The Woods of Burnsville Apartments (14701 Portland Avenue) has also changed hands. The 28-year-old complex has been acquired by Waterton Residential of Chicago, according to a recent report in the Star Tribune. Waterton bought the 400-unit complex from Aimco, a Denver company, for $28.85 million.
Waterton has a hefty portfolio with 19,000 apartment homes in 50 communities, and it's only getting bigger. The Woods is the company's seventh acquisition since June.