Parkwood Ponds

Parkwood Ponds (formerly Shalimar Estates) is a 48-unit apartment community located in Burnsville, MN. Constructed in 1986, the property consists of 100% three-bed two-bathroom floorplans offering every unit easy access to attached garages. The community is made up of 12 three story buildings containing four units each.

Midloch acquired the property at an attractive price from its original developer. The property is currently leased at below market rents, which provides an opportunity to achieve market rents through light unit renovations which Midloch budgeted $10,000/unit for. Midloch plans to add sophisticated hands-on property management to increase other income generation and decrease expenses. 

Shalimar Estates is located in Burnsville, MN, a south-suburban city just 25 minutes from Minneapolis & St. Paul. With 63,000+ permanent residents and 2,500+ businesses, Burnsville offers its residents well connected thoroughfares via the Burnsville Transit Station and I-35. A few of the city’s major employers include UTC Aerospace Systems, Ames Construction, and Flex Mation. Average Household Incomes within a 1, 3, and 5-mile radius of the property are all upwards of $100,000.