Colliers International long-standing client plans to complete unfinished units at Osseo site

 

February 8, 2017 – Minnetonka, MN – Highland Management Group, a local property management firm based in the Twin Cities has purchased 30 units in Celtic Crossing, a 32-unit, Class A, multi-family community located at 110-150 Regan Lane in Osseo. The Multi-family Investment Sales team at Colliers International | Minneapolis-St. Paul was hired to sell Celtic Crossing by former owner, Mears Construction in August of 2016. Celtic Crossing’s current configuration includes two existing buildings totaling over 88,000 SF made up of 32 condo units. The entire community sits on a 3.3 acre parcel. Along with the two existing buildings, the sale included three contiguous vacant land parcels that are pad ready for construction or future development.

Attracted to Osseo’s walkable community and its unique downtown, Highland felt the purchase was a smart investment opportunity. Highland plans to develop three unfinished penthouse units, each measuring 3,500 SF, and will market them for occupancy. Highland has no immediate plans to develop the additional three parcels at this time.

The property, constructed in 2003 as for-sale condos, was converted to rentals after two units were sold to private buyers. The property offers expansive, well-appointed units that contain large common spaces, over-sized storage lockers and climate-controlled parking stalls. The community currently operates as a 55+ age-restricted community.

Ted Bickel, Vice President at Colliers International | MSP, Kevin Doyle, Vice President at Colliers International | MSP, Julie Lux, Senior Associate at Colliers International | MSP and Brady Devore, Associate at Colliers International | MSP assisted in the sale of Celtic Crossing. Andy Heieie, Senior Associate at Colliers International | MSP worked with the Investment Services team on the land acquisition.