CHICAGO – October 22, 2021 – Berkadia Institutional Solutions announced today the sale of The Quinn at Plymouth, a 301-unit garden-style multifamily property located in Plymouth, Minnesota. Senior Managing Director Pete Evans of Berkadia Chicago, along with support from local Berkadia colleagues, completed the sale on behalf of the seller, Illinois-based Mesirow Institutional Real Estate Direct Investments, which offers a series of risk-balanced, multifamily value-added investing opportunities to a growing base of large domestic and international institutional investors. The buyer was Ohio-based The Connor Group, and the deal closed on August 31.
“Suburban Twin Cities apartment fundamentals are continually some of the strongest in the country while showing exceptional resiliency,” said Evans. “Employment rates tend to be so strong due to a highly educated workforce and stout job base including an above average number of Fortune 500 companies and some of the nation’s largest privately held companies. The Quinn at Plymouth’s location and luxury units perfectly positions it to benefit from these long-term trends.”
“The Quinn at Plymouth is a high-quality property, and we have been pleased with the appreciation of this asset since acquiring it in 2016,” said Alasdair Cripps, Chief Executive Officer, Co-Chief Investment Officer, Mesirow Institutional Real Estate Direct Investments. “We remain optimistic on the long-term attractiveness of the U.S. apartment sector and are confident that the property’s residents will continue to be well served under the stewardship of The Connor Group.”
Built in 2002 at 6110 Quinwood Lane N., The Quinn at Plymouth features studio, one-, two- and three-bedroom floor plans with in-unit washers and dryers and a private balcony or patio. Community amenities include a swimming pool, a clubhouse, a fitness center, a dog park, a new outdoor pavilion with grilling stations, a TV, lounge seating and ping-pong tables. Residents are afforded convenient access to major employers in Plymouth, Interstate 494 and the shops and restaurants along Bass Lake Road.