Market Insights

Maven Apartments: A New Era for Burnsville, Minnesota

When Roers Companies learned the city of Burnsville had not seen a new apartment development since 2006, they knew the demand for their 137-unit apartment complex — Maven — would draw incredible interest from local residents.

The adjacency to transit coupled with pent-up demand from a lack of development in the primary market area yielded a recipe for success. Situated near major highways, the Heart of the City bus rapid transit station, and various shopping and dining options, Maven offered residents easy access to work, leisure, and everyday necessities. 

Roers Cos.  found about 40%  of renters were coming from other rental markets, specifically  Minneapolis and Saint Paul. This was at a time when renters craved more space, were adopting a work from home environment, and wanted to live in a new, amenity-rich building without the Downtown price.  

Maven achieved our fastest lease-up on record for a market rate apartment community, despite opening its doors during the COVID-19 pandemic. Maven  achieved stable occupancy of 95% within four months of opening, eleven  months ahead of proforma. Roers Cos. was also able to push rents  10% higher than what was modeled, significantly increasing the building’s value and cash flow. 

Five months after opening, Roers Cos. made the strategic decision to  sell Maven in late 2020 to give its investors an impressive return  in a short amount of time. Maven was built in a prime location in a city where there was a need for multifamily housing. Maven was sold to Sage Properties for $29 million, equalling $211,678 per unit. The typical model Roers Cos. uses includes holding an asset for at least four  years, but the opportunity to provide investors with an 80% cash-on-cash return in under two years was too great to pass on. 

In summary, Roers strategic approach of finding an underserved area in a growing market and building a quality product at an attainable price point proved to be a homerun for both our investors and the residents who now call Maven home.

Project Completion: April 2020

Sale Date: October 2020

% Leased at Sale: 98%

% Occupied at Sale: 95%

Project Cost: $22M

Sale Amount: $29M

Cost Per Unit: $160,483

Sale Price Per Unit: $211,678

If you have questions about what’s happening in the market or current investment opportunities with Roers Cos., please contact our investor relations team.

NO OFFER OF SECURITIES; DISCLOSURE OF INTERESTS: Under no circumstances should any material enclosed herein be used or considered as an offer to sell or a solicitation of any offer to buy an interest in any investment. Any such offer or solicitation will be made only by means of the confidential Private Placement Memorandum relating to the particular investment. Access to information about investments with projects undertaken by Roers Companies LLC, Roers Companies Project Holdings LLC, or any of their respective affiliates is limited to investors who either qualify as accredited investors within the meaning of the Securities Act of 1933, as amended, or those investors who are generally are sophisticated in financial matters, such that they are capable of evaluating the merits and risks of prospective investments. Investment outcomes vary. Past success does not guarantee future results.

Investing Opportunities

Current Investment Opportunities

Investment opportunities for new multifamily projects are now open.

View Opportunities