"Suburban value add and yield plays have received strong buyer interest in 2016. Record transactional activity along with bid activity occurred as national investors focused on secondary and tertiary markets in a search for yield,” said Mr. Appert. “The business plan opportunity at Woods of Burnsville fit into this buyer/bidder profile very well. The buyer differentiated themselves with an extremely efficient diligence period and closing timeframe that met seller timing goals."
Woods of Burnsville, located at 14701 Portland Avenue South in Burnsville, is a 400-unit apartment community with newly renovated units ranging from studios to three bedrooms. Community amenities include a clubhouse, fitness center, outdoor playground and picnic areas, swimming pool, volleyball and tennis courts.
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 2014 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.