(Read more on the multifamily market.)
MINNEAPOLIS-United Properties Residential has purchased two land parcels to build new Applewood Pointe cooperatives for senior citizens. The buildings are going up in Roseville and Minnetonka.
The company plans to build a four-story, 61-unit cooperative on 3 acres in Minnetonka at Rowland Road and Lone Lake Park. Plans for the property include a trail on adjacent city land to expand the existing park trail system. Construction will start next summer, according to a company statement. A United Properties representative could not be reached for comment.
Roseville is getting its second Applewood cooperative, as the company also developed another five-story co-op on 13-acre at 1480 Applewood Court near Snelling Avenue and County Road C2. This new property will be a four-story, 95-unit building at the corner of Brenner and Cleveland avenues. This property is also near a park, with direct access to Langton Lake Park. Construction will start on this property in early 2009.
Amenities at the planned co-ops include garden plots, walking paths, heated underground parking with a car-wash bay, a two-story entrance lobby, a fitness area, library and a game room. Costs for units vary, with a unit in the now-open Applewood property in Roseville for sale for $143,311, with a payment of $444 per month. Other Applewood properties in the Twin Cities area are in Bloomington, Maple Grove, New Brighton, Roseville and Woodbury.
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