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HUSREF – Harbert United States Real Estate Fund VI Completes Purchase of Multifamily Asset in Minneapolis, MN

Harbert United States Real Estate Fund VI, L.P. (“HUSREF VI”) purchased Lincoln Parc, now known as Cascade at Town Center (the “Property”), a 186-unit Class A multifamily asset with approximately 17,500 SF of ground floor office suites, located in the Minneapolis suburb of Eden Prairie. Developed in 2001, the Property was 99% occupied at closing. The sale was an off-market transaction.
HUSREF VI formed a joint venture with Chicago based Magellan Investment Partners to purchase the Property. New ownership will implement a robust renovation program to upgrade unit interiors and common areas, including the clubroom, indoor pool, fitness center, and courtyards.
Located in one of the most desirable communities in the state of Minnesota, Cascade at Town Center is 15 miles southwest of downtown Minneapolis and 13 miles west of the Minneapolis-Saint Paul International Airport. The Property benefits from its location within an educated community near large corporate employers and within an excellent public school system. The Southwest Transit Bus Station, located less than a mile from the Property, and the proposed Eden Prairie Town Center Light Rail Station, adjacent to the Property, offer exceptional public transit optionality for residents.
“We are very pleased to announce our new partnership with Magellan Investment Partners and the successful closing of Cascade at Town Center,” HUSREF Managing Director Adam Krug said. “HUSREF has eagerly and patiently waited to enter the Minneapolis-Saint Paul market, recognizing the robust economic growth and deep talent pool that characterizes the market.”
Cascade at Town Center presents an exceptional opportunity to partner with a talented operator and create value through hands on asset management and capital infusion.