Multifamily W Minnesota

CBRE sells 166-unit multifamily building in Minnesota

  

CBRE Multifamily represented ownership in the sale of Deerfield Townhomes, a 166-unit townhome-style apartment community in Hermantown, Minnesota, to a joint venture between Capital Solutions, Inc. and VDB Asset Management, LLC. The sale closed Aug. 16.

Located 15 minutes from downtown Duluth, Deerfield Townhomes is a 211,490-square-foot residential community with 166 townhomes. The property offers an outdoor resort-style swimming pool with a sundeck, an outdoor basketball court, a playground, fitness center, sauna, and clubhouse. All units include at least one heated attached garage.

The new owner plans to undertake significant renovations to enhance the property’s curb appeal and common areas.

Keith Collins, Abe Appert, Ted Abramson, Robert Lockman and Laura Hanneman in CBRE’s Minneapolis office represented the seller, RRE Deerfield Holdings, LLC.