August 31, 2021 – The Connor Group expanded its Minneapolis portfolio with the acquisition of The Quinn at Plymouth for $85.25 million Tuesday. The Dayton-based real estate investment firm purchased the 300-unit property, its second-largest acquisition of 2021.
“The Quinn was an excellent opportunity to continue expanding in the Minneapolis market,” managing partner Larry Connor said. “This property checked all of the boxes for us, and with the right people, plans and our proven process, I’m confident this acquisition will be nothing short of a huge success.”
Currently, The Quinn at Plymouth is one of the $1.58 billion transactions The Connor Group has closed or placed under agreement this year. The company is on pace for more than $2.5 billion in transactions, a record for the nearly 30-year company.
“We continue to see unprecedented market conditions,” Connor said. “And we’ve remained disciplined to our transactional model throughout as both a buyer and a seller. As a result, we’re on pace for the best year in company history. And while we realize market conditions will eventually shift, our processes and systems are built for long-term success.”
The property was acquired from Mesirow Institutional Real Estate Direct Investments, which offers a series of risk-balanced, multi-family value-added investing opportunities to a growing base of large domestic and international institutional investors. “The Quinn at Plymouth is a high-quality property, and we have been pleased with the appreciation of this asset since acquiring it in 2016,” said Alasdair Cripps, Chief Executive Officer, Co-Chief Investment Officer, Mesirow Institutional Real Estate Direct Investments. “We remain optimistic on the long-term attractiveness of the U.S. apartment sector and are confident that the property’s residents will continue to be well served under the stewardship of The Connor Group.”
The Connor Group now owns and operates more than 1,000 units in the Minneapolis market – an all-time high for the company. The company first entered the market in 2016 with the acquisition of Excelsior & Grand. Now, the attractive Plymouth sub-market, phenomenal location and garden-style apartment community created the perfect opportunity for Connor Group to expand its portfolio in the region.
The Connor Group, founded in 1992, currently owns and operates 48 luxury apartment communities in 16 markets across the country. The real estate investment firm is on pace to close more than $1 billion transactions for the third consecutive year in company history.
The Connor Group, founded in 1992, has grown from $0 to more than $3.7 billion in assets. The real estate investment firm owns and operates luxury apartments in Austin, Nashville, Tampa, Atlanta, Minneapolis, Chicago, Charlotte, Raleigh-Durham, San Antonio, Dallas, Denver, Louisville, Indianapolis, and its home state of Ohio. The Connor Group has won numerous awards regionally and nationally for excellence, innovation and philanthropic efforts.
Contact: Amanda Brown, Director of Communications
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