A joint venture of PCCP, LLC and The Excelsior Group, LLC has acquired Mills Creek, a Class A, newly constructed, 66-unit, single-family rental community located at 8601 Goldenrod Lane N in Maple Grove, MN. The project was delivered over the course of two years, with the first home delivered in May 2018 and the last home delivered in May 2020. Despite the COVID crisis, the community has had positive leasing activity and is currently stabilized.
“We saw this as a prime opportunity to purchase a newly built single-family rental community in an infill suburban location with strong underlying single-family, for-rent fundamentals,” said Alexandra Schultz, Vice President with PCCP. “Maple Grove is a popular place for families as it features a wide array of retail amenities, is near numerous employment nodes, and has a solid school system.”
Each unit at Mills Creek is a stand-alone residence and features a mix of two-, three- and four-bedroom floor plans ranging in size from 1,249 to 1,953 square feet. It was designed with a “modern farmhouse” style with units featuring exposed beams in living rooms, open floor plans, and industrial accents throughout. All units have vinyl plank flooring, stainless steel appliances, quartz countertops, tiled backsplashes, washer/dryers, two-car attached garages and backyards. The community also features a clubhouse and access to other amenities such as a fitness center, pool, putting green, and dog park.
Maple Grove is one of the fastest growing cities within the Minneapolis-St. Paul region. While the city is already favored by families with school-aged kids, Maple Grove is becoming increasingly popular with Millennials looking to move out of the urban core. Mills Creek offers easy access to Interstates 94 and 494, providing residents quick commutes to area employers and is a 20-minute drive to downtown Minneapolis.
The Excelsior Group, LLC is a full-service real estate firm offering boutique-level services to the Twin Cities area in the fields of management, real estate investments and advisory services, homebuilder lending, and development.