Apartment

The Penfield

St Paul, MN

Acquired September 2016

At a Glance

Class A, 254-unit, award-winning, transit-oriented apartment community that includes a ground floor commercial space that is leased to a premier local grocer on a long-term basis.

Investment Rationale

  • Minneapolis-Saint Paul is home to 2.9 million residents and boasts one of the strongest job markets in the country with an unemployment rate of 2.9%, ranking first among the 50 largest metropolitan areas in the nation.

  • Downtown Saint Paul has achieved a critical mass of amenities and residential population that is rapidly accelerating the growth of each, making it a Millennial Magnet location in which over 30% of the population is between 20 and 34 years old.

  • The area now boasts a 95 out of 100 Walk Score® – walkscore.com’s proprietary ranking of a property’s desirability based on its proximate location to retail, restaurant and employment amenities.

  • Green roof mitigates stormwater runoff and has a weather station for the local university

  • The new,high-quality property, anchored by the only downtown grocery store in a true urban location, is an appropriate fit within our apartment investment focus.

  • LEED-Certification-100x294.png#asset:9643 LEED Certified

Property Gallery

Location

Penfield Map2