Two St. Louis Park companies are joining with a Los Angeles real estate investment firm to develop a single-family rental community in Maple Grove.
Real estate investment firm Sotarra and developer The Excelsior Group have partnered with PCCP to build 58 detached, built-for-rent units, averaging 2,277 square feet, according to an announcement made this week.
The development now under construction, located at 18962 Bass Lake Road & 7423 Walnut Grove Way N, is the latest such residential project in the Twin Cities, following a local and nationwide influx of single-family rental communities, the Business Journal reported earlier this year.
The project team says the Maple Grove project is intended to meet renter demand for larger residences in the Twin Cities suburbs.
PCCP has invested in other single-family, for-rent projects in the Twin Cities and other parts of the United States, said Vice President Alexandra Schultz in a statement. She added that the firm has seen positive renter demand for such homes.
The community, called Edgewater on Cook Lake, is located on a 20-acre site near Bass Lake Road, Walnut Grove Lane North and Cook Lake in Maple Grove. Residents will have access to a clubhouse, pool, business center and grilling station, the press release said.
The units range from two to four bedrooms, each with a two-car garage, backyards and views of Cook Lake.
The first units are expected to be constructed by February of 2023. Leasing will begin at that time, Schultz said in the statement. Lincoln Property Co. will manage the property, according to Minnesota Multihousing News, and RT Residential will be the general contractor.
PCCP didn’t give any details about cost of the project or projected rents.
Single-family rental developments are more popular in other states, but as of earlier this year in the Twin Cities there were more than 500 units of built-to-rent homes across eight developments were either completed, under construction or had gained municipal council approval.
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