Minneapolis, March 28, 2016 – CBRE Multifamily has arranged the sale of the Burlington, a 427-unit apartment community in St. Paul. Keith Collins, Abe Appert and Laura Hanneman of CBRE’s Minneapolis office represented the seller, Burlington Apartments, LLC, an entity controlled by TIAA Global Asset Management. The buyer is an affiliate of New York-based Abacus Capital Group making its first purchase in the Minneapolis-St. Paul market.
The Burlington is located at 1180 Cushing Circle in St. Paul just five minutes from downtown St. Paul in an area benefitting from urban revitalization. The four-building luxury rental apartment community features a heated outdoor pool, four fitness centers, a tennis court, a dog park and heated garage parking.
Henderson Global, now part of TIAA, purchased the property in 2006. More than 30 percent of the apartment units have been recently renovated with updated kitchens, bathrooms and flooring.
Earlier this year, the CBRE Multifamily team sold the Royal Oaks Apartments in Eagan, Minnesota also on behalf of TIAA.
About CBRE Group, Inc.:
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
