Chase Real Estate Acquires Multifamily Site In Bloomington For $4 Million From PFP 6 WF Plaza LLC

A multifamily property was sold located at 7900 Xerxes Avenue and 3400 American Boulevard West in Bloomington, MN. The asset was acquired for $4,000,000 and spans 5.2 acres. The buyer has plans to develop a six-story, 270-unit apartment building, which will include 24 affordable units. Construction is anticipated to commence this fall, with a potential second phase that could expand the project to 360 units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,000,000
• Buyer: Chase Real Estate
• Seller: PFP 6 WF Plaza LLC

The deal involved Chase Real Estate as the buyer of the site, while PFP 6 WF Plaza LLC was the seller. The Renwick Apartments LLC is associated with the development plans for the site, indicating an active interest in the Bloomington market. The deal reflects strategic investment in multifamily housing within the area.