COON RAPIDS, MINN. — Eastham Capital and Bender Cos. have acquired Woodland North Apartments in Coon Rapids, 25 miles north of Minneapolis. The seller and sales price were not disclosed. The 198-unit community marks the 15th joint acquisition between the partners. Built in 1979, the property is currently 94 percent occupied with average asking monthly rents of $1,424. Following recent capital improvements, the business plan calls for additional upgrades across several apartments, including the addition of in-unit laundry and new appliances, along with enhancements to the exterior and amenities. The property is made up of studios, one-, two- and three-bedroom floor plans and amenities such as a resort-style pool, underground and heated parking, a car wash bay, community room, fitness center and tennis, basketball and racquetball courts.
Eastham Capital and Bender Cos. have teamed up on the acquisition of Woodland North Apartments in Coon Rapids, Minn. The owners have value-add plans for the 47-year-old asset that include unit, exterior and amenity upgrades.
Eastham, Bender Partner on Value-Add Acquisition in Twin Cities Metro
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