Argosy Real Estate Partners acquires site in Blaine, Minn.

Argosy Real Estate Partners, in partnership with Twin Cities Land Development (TCLD), has closed on the first phase of Lexington Waters, a 111-acre residential land development project in Blaine, Minn., to be developed into 272 single-family lots.

The partnership has  closed on the initial 68 acres and is scheduled to close on the final 43 acres by February 2022. All lots at Lexington Waters are under contract to be sold to a national homebuilder active in the Minneapolis-St. Paul MSA.

Blaine is a high-growth, upper-middle-income community located about 15 miles north of downtown Minneapolis within the Anoka-Hennepin School District. Lexington Waters is located less than one mile northeast of two existing residential land development projects owned by Argosy and TCLD.