By Ioana Neamt, Associate Editor
Mandel Group Inc., a Milwaukee-based real estate services company, recently announced the purchase of Lemay Lake Apartments, a 282-unit market-rate apartment community in suburban Eagan, Minn. Lemay Lake Equity LLC, an affiliate of Mandel Group, acquired the property from OLY-IDA Lemay Lake LLC at an undisclosed price, according to a news release. Keith Collins, Abe Appert and Laura Hanneman of CBRE brokered the transaction on behalf of the seller, while James Cope of Walker & Dunlop secured the financing. Mandel Property Services Inc. will manage the property, which represents the group’s first venture into the Minneapolis-St. Paul metro area.
“The property appealed to us because of the strong economic metrics that characterize the Eagan submarket,” said Jason Babcock, senior acquisitions manager for Mandel Group. “Besides being a solid property with value-add upside potential, the accessibility of jobs, shopping, entertainment, public services and institutions is superior.”
Located on the shores of the 34-acre Lemay Lake in central Eagan, the Lemay Lake apartment community consists of three three-story buildings featuring a mix of one- and two-bedroom apartments, currently 97 percent occupied. The property offers residents private lake access, two Wi-Fi lounges, heated underground parking, picnic and BBQ areas, a business center, a state-of-the-art fitness center, an outdoor heated pool, a party room, on-site laundry, a playground, as well as access to a fishing lake with canoe and kayaks, among other amenities.
Residents of Lemay Lake Apartments will benefit from an excellent location in central Eagan, ranked 11th on Money’s list of Best Places to Live in 2014.The former “Onion Capital of America” is predominantly a commuter town for both Minneapolis and St. Paul, and home to major employers such as Delta Air Lines and Thomson Reuters. The city of Eagan also provides easy access to the Minneapolis-St. Paul International Airport and I-35.
Image courtesy of Mandel Group.
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