CAPREIT Acquires Parkway Gardens Apartments
ST. PAUL, Minn., Jan. 14, 2020 /PRNewswire/ — CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Parkway Gardens, a senior affordable apartment community located less than three miles east of Downtown St. Paul.
CAPREIT will renovate the five-story community, which features 160 apartment homes and commuter-friendly access to the Twin Cities. In-home improvement measures include vinyl-plank flooring, upgraded appliances and kitchen hardware, new countertops and new paint. The community was originally built in 2005 and underwent an initial renovation in 2011.
«We’re proud to add Parkway Gardens to the CAPREIT portfolio and continue our mission to provide quality housing for our nation’s seniors,» said Stephen Catarinella, vice president of acquisitions and business development manager for CAPREIT.
Situated at 1145 Hudson Road, Parkway Gardens offers convenient access to Interstate 94 and Highways 52 and 61, which provide connectivity to the greater Twin Cities area. The community also sits within close proximity of several stops along the Metro Transit bus line with several additional commuter options nearby. Minneapolis-St. Paul International Airport is located 12 miles from the community.
Parkway Gardens is positioned near several recreational areas, including Indian Mounds Regional Park, which is a half-mile southwest of the community. The Twin Cities job market includes many opportunities within the biotechnology and health technology sectors, and many medical clinics are within a short drive of the property.
Parkway Gardens offers one- and two-bedroom homes ranging from 553 to 648 square feet with den layouts available. Apartment interiors at the controlled-access community include air conditioning, high-speed internet access, walk-in closets, kitchen islands, storage areas and wheelchair accessible rooms.
Community amenities consist of a business center, conference room, game room with billiards, arts and crafts room, library, fitness center, beauty salon and an enclosed courtyard. Residents also have access to onsite laundry facilities and heated, covered parking.
Parkway Gardens marks the seventh community CAPREIT owns or manages within Minnesota. Others include Loring Park in Minneapolis and The Barrington in nearby Woodbury.
As one of the nation’s leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 16,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.