Timberland Partners closed on the land and financing necessary to begin construction of Sundance at Settlers Ridge, an apartment community in Woodbury, Minnesota.
The $68 million, 218-unit project was designed by Kaas Wilson Architects and will be constructed by Frana Companies, both based in Minneapolis. Dougherty Mortgage LLC arranged a $53.5 million HUD-insured 221(d)(4) loan to finance the project.
Sundance at Settlers Ridge is designed as a townhome-style apartment community, appealing to those desiring a neighborhood experience not available through traditional mid-rise apartment construction. As a top-tier suburb, Woodbury is an ideal location due to its family-friendly reputation, highly recognized school district, continued growth, proximity to major area employers, and easy access to transportation and services.
Sundance at Settlers Ridge is comprised of 23 two-story buildings, each with eight to 10 homes. This unique structure more closely aligns with townhomes, as residents will enjoy ample green space, walking paths, and a secluded, neighborhood style. Community amenities include a community room with full kitchen, outdoor pool with sundeck, fitness center and yoga studio, and outdoor kitchen, to name a few. One-, two- and three-bedroom floor plans are available. Each home will include a private entrance, with attached garage, private balcony, granite countertop, and in-unit washer and dryer.
Construction will be completed in phases, with the first building and clubhouse opening in late August 2020, and project completion scheduled for late Summer 2021.
