Minneapolis-based Timberland Partners continues to invest heavily in the Twin Cities suburbs. The company said this week it acquired White Bear Woods, a 304-apartment complex in White Bear Lake, from Chicago-based LivCor Multi-Family Asset management for $43.5 million.
This is Timberland's 10th multifamily community in the Twin Cities. It now owns and manages more than 11,500 apartment units in 12 states.
Matt Fransen, vice president of investments for Timberland Partners, said in a statement that "Timberland Partners is excited about the acquisition of White Bear Woods.
"The property is the beneficiary of a strong location that continues to improve over time. White Bear Lake residents are proud of their community. White Bear Woods' strong physical attributes, well-kept grounds, Class-A clubhouse and amenity package give the property a unique presence within the market."
White Bear Woods was built in 1988 at 4776 Centerville Road. The property has 304 studio, one- and two-bedroom apartments in four garden-style buildings. According a news release, a "state-of-the-art luxury clubhouse facility" was added in 2008, including a swimming pool, outdoor gas fireplaces, seating areas, fitness center, community gathering room and leasing offices.
The building and grounds have had several major upgrades, including siding and roofs, and unit interiors have been renovated over the past six years with new appliances, cabinets, countertops, flooring and lighting.
Timberland plans to do its own upgrades, including new kitchen finishes and lighting inside and new fences and updated tennis courts outside.
In mid-July, Timberland bought Woodland Park at Soldier Creek, a 236-unit complex in Topeka, Kan. Abe Appert and Keith Collins of CBRE represented the seller.