The Birches, LLC, a partnership between Elizabeth Wall Lee, vice president of acquisitions of The Wall Companies, and Stuart Simek, president of Simek Property Group, recently completed the purchase of Wincrest Apartments in New Hope, Minnesota, for $10.4 million.
The property will be rebranded as The Birchway, and extensive renovations are planned. The upgrades include updated unit kitchens and bathrooms, common areas and landscaping.
“The Birchway will bring new rental housing options to the neighborhood without the price of new construction rents,” said Wall Lee.
The property was built in 1968 and consists of three individual buildings containing 107 units that include a mix of one, two and three bedrooms. The property was chosen in part for its convenient location between downtown Minneapolis and Maple Grove.
Kleinman Realty has been brought in to provide daily property management.
