Business briefs: Burnsville apartment complex changes hands

The Woods of Burnsville Apartments, a 400-unit complex at 14701 Portland Av., has a new owner.

Waterton Residential of Chicago recently acquired the property from Denver-based Aimco for $28.85 million, a figure slightly higher than its taxable value of $28.76 million, according to Dakota County property records. Both the buyer and seller are real estate investment management firms.

The six-building complex was built in 1984 and has studio, one-, two- and three-bedroom units.

Cuts at UTC Aerospace

UTC Aerospace Systems, a business unit of United Technologies Corp., last month cut 42 employees from its workforce at its facilities in Burnsville and Eagan. The two operations had employed about 1,600.

Company spokesman Sol Mirelez said the cutbacks were part of a larger program by UTC Aerospace to downsize its global operations because of softer demand for some products. "When necessary, we make staffing adjustments required to ensure we remain competitive and manage our cost structure," he said.

UTC Aerospace was formed earlier this year when United Technologies acquired Goodrich Corp., including the recently expanded high-tech manufacturing facility in Burnsville. Primary products produced at the facility include advanced air-data systems, cockpit data-management systems, and various sensors and sensor-based products for the aerospace market.

John Miller, sales and general manager at James Barton Design-Build in Apple Valley, was recently recognized by Professional Remodeler Magazine in its "Forty Under 40" competition.

The distinction is designed to name the remodeling industry's next generation of leaders. Selection is based on leadership skills, professional and personal experiences, innovation in the industry and participation in professional and charitable organizations.

Miller, 33, is a 1998 graduate of Apple Valley High School who currently lives in New Market. He has worked for James Barton, a home remodeling and construction company, for 12 years.

Lakeville building permits

Robust home-building activity continues to fuel the construction market in Lakeville.

The value of commercial and industrial permits rose slightly to $9.8 million through the end of November compared with $9.1 million during the same period in 2011.

The trends are similar around the 13-county area, according to McGraw-Hill Construction.

The value of construction contracts in the residential market through the end of November were up 58 percent from a year ago, while the value of nonresidential building contracts fell 14 percent.