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The Doran Group Sells 610 West for $113 Million, Reinvests in New Developments
The Doran Group announces Successful $113 Million Sale of 610 West Apartments
Proceeds will be reinvested into new projects, including new active adult community in Maple Grove
Eden Prairie, MN – The Doran Group today announced the successful sale of its 610 West apartment community in Brooklyn Park for just under $113 million, ushering in a new era for the multigenerational company led by Evan Doran. Proceeds from the sale of the four-building, 480-unit apartment community, completed in 2019, will be reinvested into new projects later this spring, including The Doran Group’s added focus on Active Adult living communities and build-to-rent projects.
“610 West was our family’s second multifamily project we developed, designed, built and managed – and so I have a sentimental attachment to this project,” said The Doran Group President and CEO Evan Doran. “That said, as the second-generation leader of our company, I’m eager to position our organization for the next 50 years – and that includes aligning our existing portfolio with our plans to expand regionally into additional states as well as into new categories like active adult.”
With the sale of 610 West now complete, Doran has given the green light to proceed with his vision for a multi-city active adult brand called “Olinia,” with the first community breaking ground this summer in Maple Grove and other sites in various stages of land acquisition and entitlement across the upper Midwest.
“I remain bullish on the active adult sector in addition to our traditional luxury market-rate multifamily portfolio,” said Doran. “And with our Reserve at Arbor Lakes community in Maple Grove continuing to lead our portfolio’s strong performance,” said Doran, “deepening our investment in this community makes good business sense. We have a strong reputation in Maple Grove for enhancing high-end housing options – and we are eager to grow our footprint here and beyond.”
The 124-unit 55+ “Olinia-Arbor Lakes” will be constructed in Maple Grove adjacent to The Doran Group’s existing Reserve at Arbor Lakes apartment and townhome gated community and its Village at Arbor Lakes retail center. The Doran Group’s in-house architecture and construction firms will serve as Olinia’s designer and general contractor.
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Star Tribune Names Mill & Main and The Reserve at Arbor Lakes Minnesota’s Best Apartment Communities
Eden Prairie, MN – The Doran Group today announced that Mill & Main and The Reserve at Arbor Lakes made the Minnesota Star Tribune’s 2024 list of “best” apartment communities in Minnesota.
“With just three communities securing top spots each year, this is our fourth year making it into this category and we couldn’t be more thrilled,” said The Doran Group President and CEO Evan Doran. “We are incredibly proud of these communities, thankful for our residents who continue to call them “home,” and appreciative of our onsite teams from maintenance to housekeeping to property management who always go above and beyond to ensure our residents have the best luxury experience in the state.”
Mill & Main has placed in the top three for the past four years, while this is a first time The Reserve at Arbor Lakes made the list. Other properties developed, owned and managed by The Doran Group making the list in year’s past include: Aria-Edina, The Triple Crown Residences at Canterbury and 610 West.
General Counsel Erica Delain named to Twin Cities Business Magazine’s 2024 Notable List
Eden Prairie, MN – The Doran Group today announced General Counsel Erica Delain has been named to the prestigious “2024 Notable General Counsel” list by Twin Cities Business. As General Counsel, Erica is on the senior leadership team for The Doran Group and is a proven leader with a wide range of legal expertise. She is a key player in evaluating all financial and partnership agreements for the company’s current portfolio, is responsible for all legal aspects related to development pursuits, provides legal guidance to the architectural, construction and residential property management teams, and she leads retail leasing for The Doran Group’s commercial portfolio. Erica is a member of MNCREW, ICSC and MSCA and previously served on the Board of Directors of the Advanced Commercial Leasing Institute at Georgetown Law School. Prior to becoming General Counsel, Erica was a retail-focused attorney and partner at Stinson. Erica holds an undergraduate degree from the University of Minnesota and a Juris Doctor (JD) degree from the University of Wisconsin-Madison.