Eastham Capital acquired Woodland North Apartments, a 198-unit community in the Twin Cities suburb of Coon Rapids in Minnesota.
South Florida-based Eastham Capital acquired the community through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in 15 projects, all of which are currently delivering returns above pro forma.
Woodland North is currently 94% occupied with average monthly rents of $1,424. The property offers a compelling value-add opportunity in one of Minnesota’s fastest-growing submarkets. Following recent capital improvements, the business plan calls for additional upgrades across several apartment homes, including in-unit laundry and appliances, along with targeted enhancements to the exterior and amenities.
Originally constructed in 1979, Woodland North community offers a mix of studio, one-, two- and three-bedroom floor plans averaging approximately 1,029 square feet, with more than 70% of the community consisting of two- and three-bedroom apartments. Residences feature spacious layouts, ample closets, efficient kitchens, homey living areas, and controlled entries. Community amenities include a resort-style outdoor pool, underground and heated parking, a car wash bay, a community room, a fitness center, and tennis, basketball, and racquetball courts.
