MINNEAPOLIS, March 4, 2016 — CBRE announced today that it has sold two apartment communities to a joint venture between Investcorp and Chicago-based Redwood Capital Group. Keith Collins, Abe Appert, and Laura Hanneman of CBRE’s Minneapolis office represented the sellers in the two deals that closed February 19. The two properties acquired are Hampshire Hill in West Bloomington and Southwind Village in Burnsville.
Hampshire Hill’s seller was a private investor. The property has 534 apartments in seven buildings, plus a clubhouse. Amenities include an outdoor swimming pool, community room with floor to ceiling fireplace, fitness center, recreation room, business center, grilling and picnic area, dog park and heated underground parking.
Southwind Village has 320 apartments in five buildings, plus a clubhouse. Amenities available to residents include heated underground parking, two outdoor swimming pools, clubhouse with state of the art fitness center and community room, and picnic/grill areas. Additionally, each apartment has its own private entrance, central HVAC, and a full-size washer and dryer. The previous owner, San Francisco-based Virtu Investments had renovated over 90 percent of the units with stainless steel appliances, new kitchen and bathroom cabinets, granite-like countertops, and wood-style flooring.
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.
About Investcorp
Investcorp is a leading provider and manager of alternative investment products and is publicly traded on the Bahrain Bourse (INVCORP). The Investcorp Group has offices in New York, Bahrain, London, Saudi Arabia, Doha and Abu Dhabi. Investcorp has three business areas: corporate investment in the U.S., Europe and the Gulf, real estate investment in the U.S and global hedge funds. As at December 31, 2015, the Investcorp Group had $10.7 billion in total assets under management ('AUM'), including assets managed by third party managers and assets subject to a non-discretionary mandate where Investcorp receives fees calculated on the basis of AUM. Further information, including our most recent periodic financial statements, which details our assets under management, is available at www.investcorp.com.
About Redwood
Established in 2007, Redwood Capital Group, LLC is a fully integrated real estate investment platform that focuses on the acquisition and asset management of multi-family real estate. The company currently owns and operates approximately 35 apartment properties, totaling nearly 10,000 units valued at over $1 billion within the continental United States. Since inception, Redwood has invested over $300 million of equity on behalf of world-class institutional investors, global fund sponsors, and family office limited partners.