Chicago, IL, August 27, 2019 – Redwood Capital Group, LLC, a Chicago-based multifamily investment firm, has closed the recapitalization of Hampshire Hill, a 534-unit apartment community in Bloomington, Minnesota.
“We acquired Hampshire Hill for the first time in 2011, and then first recapitalized it in 2016. This new joint venture, our second recapitalization of the asset, involves a new permanent bank loan and a planned infusion of capital into the asset to better position the property for future growth,” said Bill McDougall, Vice President of Acquisitions at Redwood Capital Group. “The new structure is designed to allow the joint venture to most efficiently execute what we believe to be the best business plan for the asset.”
Originally built in 1986, Hampshire Hill is a Class-B property located at 10660 Hampshire Ave S in Bloomington, approximately 11 miles south of downtown Minneapolis. The property is adjacent to many employment, shopping and recreational hubs, and belongs to one of the highest ranked school districts in the state. Hampshire Hill is only three miles south of the Interstate 494 employment corridor, which is home to over 17 million SF of office space and dozens of high-quality employers.
Hampshire Hill consists of seven three-story elevator buildings with heated basement-level parking garages. Since its initial acquisition, Redwood and its previous partners have renovated approximately 40% of the units with new paint, blinds, fixtures, countertops, cabinets, cabinet hardware, appliances, lighting and painted doors.
Additionally, Redwood has upgraded the property’s on-site amenities to include a newly renovated clubhouse with a complimentary kitchenette, business center, TV lounge, 24-hour package room,; state-of-the-art fitness center, an outdoor resort-style swimming pool with sundeck, an outdoor kitchen, BBQ and picnic areas, and an off-leash dog park.