East Coast Partnership Takes On Troubled Shenandoah Apartments

Teetering on foreclosure, the Shenandoah Apartment complex in Shakopee was bought by an East Coast real estate joint venture for $19 million.

The 202-unit complex was purchased by New York's Praedium Group and Maryland's CAPREIT after the previous owner failed to make mortgage payments between June 2010 and May 2011, it was reported in the Shakopee Valley News.  

The property features seven different unit layouts that range from $830 to $1,400 per month. Full-size washers and dryers, walk-in closets, private patios, walking trails, a fitness room, clubhouse and outdoor pool are some of the amenities of the luxury apartment building. 

CAPREIT, a company that owns and manages multifamily housing communities across the United States, plans to make several changes to the Shenandoah complex, including upgrading the clubhouse pool.

CAPREIT’s partner, the Praedium Group, largely focuses on middle-market, underperforming and undervalued assets throughout the United States and Canada.

The joint venture also purchased White Bear Lake's 204-unit White Bear Woods for $30.5 million in September 2010.