Chicago Firm Buys Residential Complex In Eden Prairie

EDEN PRAIRIE, MN — A Chicago-based real estate investment group has acquired a 375-unit residential property in Eden Prairie. The property at 13905 Chestnut Drive features five three-story residential buildings.

Redwood Capital Group said the purchase is a part of the firm's plan to double its $2 billion in assets over the next five years. It plans to make exterior, structural, mechanical, and amenity improvements to the Eden Prairie property.

The price of the acquisition was not disclosed, a spokesperson for the firm told Patch.

"The improvements we have planned will make this already stellar property even more attractive to the increasing demographic of residents in this area in need of quality, updated rental housing," Bill McDougall, managing director at Redwood Capital Group, said in a news release.

Current amenities at Reserve Eden Prairie include a clubhouse, one indoor and two outdoor swimming pools, a business center, a billiards lounge, a playground, a dog park, plus a package pick-up room.

There is also a 24-hour fitness center includes a CrossFit gym, indoor basketball court, racquetball court, sauna, and spa.

"Based on market research and the pure demand we are seeing from renters, all indicators point to a continued strong apartment market in highly desirable suburbs like Eden Prairie – and we don’t expect that to change anytime soon," said David Carlson, co-founder of Redwood Capital Group.

"With our focus on suburban value-add and core-plus properties, coupled with our in-house Redwood Residential property management arm and our history of working in the area, we definitely bring some unique investment and management capabilities that will help this property stand out in the Minneapolis submarket."