Rachel Development Acquires Development Site In Lake Elmo From M/I Homes For $4M

The asset involved in the transaction is a development site located at 8699 5th Street North in Lake Elmo, MN. The property was purchased by Rachel Development from M/I Homes for a sale price of $4,000,000. The site is designated for a 123-unit apartment project, which is part of an extensive residential development plan that includes 148 townhomes also developed by M/I Homes. The project received approval in June and will feature Inwood Apartments with 221 parking stalls, offering a combination of one- and two-bedroom units.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,000,000
• Buyer: Rachel Development
• Seller: M/I Homes
• Market: Lake Elmo, MN
• Project Approval Date: June 2025
• Total Units: 123 apartments
• Additional Development: 148 townhomes
• Parking Stalls: 221
• Unit Types: One- and two-bedroom units

This transaction involves key players Rachel Development and M/I Homes, with Rachel Development spearheading the apartment project initiative. M/I Homes is recognized for orchestrating a broader development plan that includes both the new apartments and the accompanying townhomes. The planning and execution of the projects illustrate the collaborative effort between the two parties in enhancing residential offerings in Lake Elmo.