New York Life Real Estate Investors Closes on the Acquisition of Fountain Place Apartments in Eden Prairie, Minnesota
New York, May 4, 2016—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of the Fountain Place Apartments, a 490-unit multifamily property located in the Minneapolis suburb of Eden Prairie, Minnesota. The seller is TIAA Global Asset Management.
Built in 1987, the garden style apartment community contains a mix of one and two bedroom units of varying floor plans averaging 1,037 square feet. The property’s on-site amenities include indoor and outdoor swimming pools, indoor racquetball and basketball courts, a 24-hour fitness center, tennis court, steam room and sauna.
Well regarded for excellent school systems and quality of life, Eden Prairie has long been considered one of Minneapolis’ most desirable suburbs. The property’s location is proximate to a large employment base along the I-494 Corridor and will ultimately benefit from the extension of the Minneapolis-St. Paul Light Rail Transit System’s Green Line to Eden Prairie.
“Fountain Place represents an excellent opportunity to invest in an attractive value-add asset in one of Minneapolis’ premier multifamily submarkets,” said Brian Murphy, senior director at New York Life Real Estate Investors. “With significant capital budgeted to upgrade the clubhouse, common areas and unit interiors, Fountain Place will remain a desired location for residents seeking proximity to Eden Prairie schools, employers and retail amenities.”
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45.6 billion in assets under management as of December 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
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