MINNEAPOLIS, Minnesota (November 10, 2020) – United Properties announced today that it has closed on the purchase of eight acres of land at 801 Carlson Parkway in Minnetonka. Five acres are slated for a new 55-plus independent living rental community, ThePOINTE Minnetonka; the remaining three acres will be slated for development at a future date.
ThePOINTE Minnetonka marks United Properties’ third location for the senior living brand, offering maintenance-free living with a variety of floor plans, from spacious one-bedroom units to three-bedroom units. The senior living community will have six floors and 186 units. A portion of the units, of various floor plans, will be designated as affordable to meet the needs of the community.
“We chose this location because it allows us to create an oasis for our residents in the existing lush and serene environment while still offering immediate proximity and easy access to the greater Twin Cities metro,” said Rick McKelvey, senior vice president. “The location fulfills our goal to provide beautiful homes in a community that frees residents of many duties of home ownership so they can spend more time doing what they love.”
ThePOINTE Minnetonka will feature quartz countertops, stainless-steel appliances, underground heated parking and more. The rental fee is all-inclusive (with the exception of electricity), making it an ideal option for seniors looking to budget monthly costs.
The senior community will also feature a variety of lifestyle amenities, such as a state-of-the-art golf simulator, an outdoor pool and hot tub, community gardens, art and fitness studios, an expansive community room and a sky lounge. The location offers easy walking access to Carlson Towers restaurants and businesses, in addition to convenient access to Interstates 394 and 494.
United Properties recently opened its first ThePOINTE location in Roseville and began construction on the second location in Bloomington. Both locations have been received exceptionally well by their communities, and United Properties also expects strong interest in the Minnetonka location.
“We look forward to building on our recent senior living successes with ThePOINTE Minnetonka,” said McKelvey. “We have experienced strong preleasing success at our other locations in Roseville and Bloomington, and we hope to continue that momentum with this new offering.”
Groundbreaking is slated for spring 2021, with occupancy in early 2023. Preleasing will be available when construction begins on the project.
Project partners include ESG Architecture & Design and Weis Builders.
About United Properties
United Properties has been creating deep roots in the commercial real estate industry for more than 100 years. The company imagines new possibilities in real estate to help enrich communities and create lasting legacies. United Properties provides market expertise for ground-up development, redevelopment and acquisitions of value-add and stable investments. The company invests in and develops office, industrial, retail, mixed-use and senior housing properties. United Properties is owned by the Pohlad Companies and is headquartered in Minneapolis, with offices in Denver and Austin, Texas. For more information, visit www.uproperties.com and follow on Twitter, LinkedIn and Instagram.