APPLE VALLEY, Minn., Nov. 29, 2017 /PRNewswire/ -- CAPREIT, a national multi-family real estate investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Phase I of Remington Cove, a 101-unit luxury apartment community in the Minnesota suburbs of Minneapolis/St. Paul.
Located in the heart of Apple Valley, commuter-friendly Remington Cove is within walking distance of the Apple Valley Transit Station's Metro Red Line, which provides rapid bus service throughout the metro area. Interstate 35 is a short drive away, allowing prime access to downtown Minneapolis and St. Paul, Minneapolis-St. Paul International Airport and many popular tourist destinations, including the world-famous Mall of America.
"Remington Cove will truly offer residents the best of both worlds with its small-town feel of Apple Valley and luxurious apartment living in the Twin Cities metropolitan area," said Ernie Heymann, Chief Investment Officer for CAPREIT. "Minneapolis-St. Paul is a world-class area with continued growth, and we are pleased to be expanding into such a healthy, vibrant Midwestern market."
Located at 15430 Founders Lane, Remington Cove offers residents convenient access to shopping, grocery stores, dining options and nearby employers. Some of the area's major employers are headquartering the world's most recognizable companies, including Medtronic, Boston Scientific, 3M, Honeywell, Target and Best Buy.
Nearby attractions include the award-winning Minnesota Zoo and nationally acclaimed theaters, museums and sporting venues, such as the Target Center, Target Field, Xcel Energy Center and U.S. Bank Stadium. In addition to the community's close proximity to quintessential metro-living retailers and entertainment, there are also many picturesque parks, walking/cycling trails and golf courses situated near the property. Minnesota also boasts some of the nation's most spectacular outdoor recreation spots.
Remington Cove consists of 1-, 2- and 3-bedroom apartment homes ranging from 541 to 1,622 square feet. Apartment interiors feature nine-foot ceilings, full-size washers and dryers, granite countertops and stainless steel appliances. Select units will have electric fireplaces, and residents will also have access to additional storage.
Existing community amenities include heated underground parking, 24-hour fitness center, outdoor fire pit and picnic patio, off-leash dog park and a community room with a full kitchen.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 50,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.
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