January 16, 2020
CAPREIT acquired Parkway Gardens, a senior affordable apartment community located less than three miles east of downtown St. Paul, MN. It’s the seventh property that CAPREIT owns or manages within Minnesota.
The REIT will renovate the five-story, 160-unit community. In-home improvements include vinyl-plank flooring, upgraded appliances and kitchen hardware, new countertops and new paint. The community was originally built in 2005 and underwent an initial renovation in 2011.
“We’re proud to add Parkway Gardens to the CAPREIT portfolio and continue our mission to provide quality housing for our nation’s seniors,” said VP Stephen Catarinella.
Situated at 1145 Hudson Rd., Parkway Gardens offers convenient access to Interstate 94 and Highways 52 and 61, providing connectivity to the greater Twin Cities area. The community also sits within close proximity of several stops along the Metro Transit bus line, with several additional commuter options nearby. Minneapolis-St. Paul International Airport is 12 miles away.
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