Below is an excerpt from an article, “Roers building Lakeville apartments,” that appeared in Finance & Commerce on Monday, October 12, 2020.
Minnetonka-based Roers Cos. has broken ground on a $41.5 million apartment building in Lakeville, the development company’s first project in the south metro suburb.
The Northlake Lofts project, scheduled for completion in spring 2022, will bring 208 market-rate apartments to a site near Interstate 35W and 185th Street in the city’s Timbercrest district. The project is scheduled for completion in spring 2022.
Alluding to Lakeville’s 2% apartment vacancy rate, Roers Cos. said in a press release that it selected the location because of the “impressive growth in the area and its high occupancy trend in existing apartment rentals.”
“Our team is excited to break ground on this project and build what will become one of the premier multifamily communities in Lakeville,” Jeff Koch, partner at Roers Cos., said in a statement.
“The most recent project we completed in the south metro, Maven in Burnsville, was our must successful lease-up to date. We look forward to providing desirable new homes to more people in the community,” Koch added.
Roers is working with Kaas Wilson Architects and Bauer Design Build on the project.
Leasing for Northlake Lofts will begin in late 2021. The project will offer studios, junior suites, and one-, two- and three-bedroom units. Residents will find common spaces such as a coffee bar, a fitness center with group fitness space, a pool, a rooftop patio, a community lounge, a game room, a dog run, a pet spa, a private dining room, designated work-from-home spaces, and a sports simulator, Roers Cos. said.