The Doran Group closed the sale of its 610 West apartment community in Brooklyn Park, Minnesota, for just under $113 million. The company says that this major sale ushers in a new era for the multigenerational firm led by Evan Doran.
The Doran Group will reinvest the proceeds from the sale of the four-building, 480-unit apartment community into new projects later this spring. This includes the Doran Group’s added focus on Active Adult living communities and build-to-rent projects.
“610 West was our family’s second multifamily project we developed, designed, built and managed – and so I have a sentimental attachment to this project,” said The Doran Group President and CEO Evan Doran. “That said, as the second-generation leader of our company, I’m eager to position our organization for the next 50 years – and that includes aligning our existing portfolio with our plans to expand regionally into additional states as well as into new categories like active adult.”
With the sale of 610 West now complete, Doran has given his company the green light to proceed with his vision for a multi-city active adult brand called “Olinia,” with the first community breaking ground this summer in Maple Grove, Minnesota, and other sites in various stages of land acquisition and entitlement across the upper Midwest.
“I remain bullish on the active adult sector in addition to our traditional luxury market-rate multifamily portfolio,” said Doran. “And with our Reserve at Arbor Lakes community in Maple Grove continuing to lead our portfolio’s strong performance,” said Doran, “deepening our investment in this community makes good business sense. We have a strong reputation in Maple Grove for enhancing high-end housing options – and we are eager to grow our footprint here and beyond.”
The 124-unit 55+ “Olinia-Arbor Lakes” will be constructed in Maple Grove adjacent to The Doran Group’s existing Reserve at Arbor Lakes apartment and townhome gated community and its Village at Arbor Lakes retail center.
The Doran Group’s in-house architecture and construction firms will serve as Olinia’s designer and general contractor.
