Argosy Real Estate Partners acquires Glen View
Real Estate - NOVEMBER 21, 2017

Argosy Real Estate Partners acquires Glen View

by Andrea Waitrovich

Argosy Real Estate Partners IV and its parallel funds (AREP IV) closed on the off-market acquisition of Glen View, a 56-acre parcel entitled for the development of 141 single-family homes in Woodbury, Minn., a southeastern suburb of Minneapolis-St. Paul.

Glen View is the first transaction in a joint venture platform formed to invest in similar land development opportunities in the greater Minneapolis-St. Paul market alongside its operating partner, The Excelsior Group.

AREP IV expects to acquire land entitled by Excelsior for the development of two other communities and may seek further acquisitions that satisfy the same investment profile as Glen View.

The partnership’s business plan is to acquire undeveloped land throughout the greater Minneapolis-St. Paul market area for the development of residential subdivisions and sale of finished lots to homebuilders. Prior to the acquisition, any property purchased by the partnership will have all discretionary entitlement approvals required for development, finalized development plans, and one or more option contracts in place for sale to homebuilders.

Woodbury is an affluent suburb of St. Paul with strong population growth trends, top-ranked schools and ample retail amenities. Nearly all the national homebuilders active in the region are currently building homes or seeking development sites in the submarket. In addition, a number of regional and local builders, which together account for a majority of new home sales in the Twin Cities, are also active in the submarket.

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