610 West, 480 Units, Brooklyn Park, MN
How We Got It
We acquired 610 West Apartments in January 2025, located in Brooklyn Park, Minnesota – a lovely suburb in the North Metro of Minneapolis. 610 West was acquired for $235,000 a unit which is far below replacement cost for 4-story elevator product with heated underground parking. We pounced on 610 West in mid-late 2024 when transaction volume for institutional assets was muted in the Minneapolis MSA, allowing us to get in at a superb basis. We closed on the property in early 2025 after successfully navigating a difficult closing process that included a complex TIF assignment and over 75 basis points of treasury volatility.
Investment Rationale
610 West is an A+ asset with 480 units across 4 buildings, plus a 22,000 square foot clubhouse, two outdoor pool decks, a rare indoor pool and spa, and underground heated parking that was connected via underground corridors. We recognized immediately that 610 West had the bones to remain “King of the Hill” forever after some love into the 2015 vintage asset. So we invested over $2mm into a complete overhaul of the massive 22,000 SF clubhouse, including converting an unused media room into private soundproof workstations, transforming a useless card room into the submarket’s first “Zen Room,” and revamping the gym and yoga room into a world-class facility. Additionally, we upgraded 20% of units to Premium finishes featuring new white quartz countertops, grey shaker cabinets, herringbone backsplashes, and bronze/black plumbing and cabinet fixtures. Lastly, we recognized the Minneapolis MSA had not received the same wave of supply as many other US markets, and the high absorption and renter demand in 2024 would soon lead to outsized rent growth. We were right, and throughout 2025, the Minneapolis MSA consistently ranked in the top 10 US metros for rent growth.
Results
We completed the amenity overhaul within 6 months of acquisition, a new Spyglass record. And it was a hit with tenants. In summer 2025, we achieved multiple months of 7+% trade outs on new leases alongside a 65+% retention rate among existing residents. The property experienced a bit of an occupancy hole in Fall 2025 causing rents to abate back to normal levels, but that occupancy gap has since been filled and 610 West is back to posting 6+% trade outs consistently.