Chicago-based Habitat acquired Seasons Villas, a multifamily community with 214 townhome-style rental units at 8630 Summer Wind Alcove in Woodbury, Minnesota, a suburb of the Twin Cities.
The acquisition aligns with Habitat’s strategic goal to expand its portfolio in the Minneapolis-St. Paul (MSP) metropolitan area.
Comprised of 47 single-story and 167 two-story units, Seasons Villas features two-bedroom/one-bath and two-bedroom/1½-bath floor plans spanning 960 to 1,160 square feet. Each residence offers private entries, attached one-car garages, well-appointed kitchens, smart thermostats, in-unit washers and dryers, ample storage and outdoor patios.
The stabilized community enjoys strong occupancy thanks to a prime location just minutes from the popular Tamarack Village shopping center and major employers, including 3M, HealthEast and Wells Fargo. Seasons Villas also offers convenient freeway access to downtown Minneapolis and St. Paul, making it an attractive commute into the city.
Habitat assumed management of Seasons Villas upon closing on Nov. 1. The company’s management team prepared extensively behind the scenes before the acquisition, setting up systems and processes to provide continuity of service and ensure all residents at Seasons Villas would experience a smooth and uninterrupted transition.
In addition to routine asset preservation and maintenance improvements, Habitat plans to enhance the pet-friendly Seasons Villas community with the addition of a new dog park – the community’s first, and a highly popular amenity in the Woodbury rental market.
Habitat acquired Seasons Villas from Boston Capital Group; Willow Bridge Property Company previously managed the property. Habitat’s strategic acquisitions team managed the purchase process, supported by the Middle-Income Affordable Preservation (MAP) Fund, a $150 million joint venture between Enterprise Community Partners and Banc of America Community Development Company.
The fund focuses on preserving “missing middle” housing by investing equity capital to develop and acquire properties with affordability generally between 80% to 120% of the area median income. The Minneapolis CBRE team represented the seller in the transaction.
