A joint venture of PCCP and The Excelsior Group has acquired Mills Creek, a class A, newly constructed, 66-unit, single-family rental community located at 8601 Goldenrod Lane North in Maple Grove, Minn. 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-19 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
