Real Estate
The Woods, Burningham Apartments Sold
Two of Burnsville's largest apartment complexes have changed hands over the last month.
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.
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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.
Waterton has two other holdings in the Twin Cities area, Symphony Place in downtown Minneapolis and Stratford Wood in Minnetonka.
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