IMH Financial Breaks Ground on Gabella at Parkside Luxury Apartments in Apple Valley
- Nov 01, 2014
By Ioana Neamt, Associate Editor
IMH Financial Corp. recently broke ground on Gabella at Parkside, an upscale multifamily project located in the Minneapolis suburb of Apple Valley. The 196-unit Class A community is part of a larger, five-phase development project called Parkside Village, scheduled for completion in early 2016. According to a news release, IMHFC is partnering with Denver-based Titan Investments to design the 12.5-acre project and coordinate with the city of Apple Valley. Gabella at Parkside is the first new apartment construction project in the city in 10 years.
“The Minneapolis Metro and Dakota County multifamily markets are thriving, with vacancy rates of just 2.7 percent and 2.9 percent, respectively,” said Lawrence Bain, chairman & CEO of IMHFC. “With Apple Valley’s AAA rating and existing high quality of life, the city is the perfect setting for Parkside Village to fully integrate our vision of luxury living with value pricing all done with the extraordinary cooperative efforts of IMH and the city.”
Gabella at Parkside will feature one-, two- and three-bedroom units, with sizes ranging from 800 to 1,388 square feet, and will include amenities such as a resort-style pool and hot tub, sun deck, cabanas, grills, fire pits, an indoor/outdoor gaming area, a state-of-the-art fitness center, a theater room, a lounge, a yoga studio, a spinning studio and an Internet café. Units will feature granite counters, plank flooring, washers and dryers private balconies and walk-in closets.
Parkside Village is expected to include more than 500 residential units and roughly 20,000 square feet of retail space upon completion. The transit-oriented development is located within walking distance of the Apple Valley Transit Station along the Minneapolis/St. Paul Metro Red Line, as well as in close proximity to major retailers and employers such as Home Depot, Super Target, Bank of America, Apple Valley Medical Center and the Grandstay Hotel and Conference Center.
Kaas Wilson is the architect of record; Stonebridge Construction serves as general contractor, while Pinnacle Management is the leasing agent for the project. HFF recently secured $24 million in financing for Parkside Village, through a team led by director Josh Simon, associate director Brock Yaffe and analyst Matt Gangaware.
Renderings courtesy of Kaas Wilson Architects
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