News

Boston, MA August 15, 2008

Intercontinental Announces the Acquisition of Apartment Complex in Bloomington, Minnesota

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the acquisition of  International Village, a garden-style apartment complex located in Bloomington, Minnesota.  The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund, LLC (“US REIF”). 

International Village consists of nine separate three-story buildings containing 353 studio, one, two, and three-bedroom apartment residences totaling 269,130 rentable square feet.  Currently 98% occupied, the community features resort quality amenities including: a recently renovated community room, indoor and outdoor swimming pools and spas, three saunas, fitness center, yoga studio, theater room, business center, game room, and fireside lounge.  The apartment complex is situated on approximately 22 acres of land.  Located along 98th Street and Nicollet Avenue South, International Village offers residents easy access to major area highways and public transportation.  Four miles from the property is The Mall of America, which contains more than 500 stores, 50 restaurants, and two million square feet of space, an extremely popular tourist destination in the United States.  Intercontinental will retain Laramar Management Services, LLC as the property manager and leasing agent for the asset.

“We are pleased to enter this market as it has experienced tremendous growth and has demonstrated stability and a high demand for quality multi-family housing.  International Village is a well-designed and maintained apartment complex, offering unparalleled amenities in a highly desirable location,” commented Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental.

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects.  Presently, Intercontinental owns and manages a portfolio in excess of $2.2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects.  Visit www.intercontinental.net for more information.