MINNEAPOLIS, Feb. 19, 2014 /PRNewswire/ -- Ethika Investments, LLC, a U.S.-based real estate private equity firm, has announced the allocation of capital for the acquisition of Woodlake Centre located in Richfield, Minnesota. This property marks the ninth investment from Ethika's Diversified Opportunity Real Estate Fund.
The 190,000-square-foot complex is a regional destination for health service professionals and supporting industries in Richfield, one of Minneapolis' key inner-ring suburbs. Woodlake Centre is conveniently positioned near freeway interchanges I-494, I-35 and the Twin Cities Crosstown Highway, and just ten minutes from Downtown Minneapolis, Mall of America and Minneapolis-St. Paul International Airport.
"At just 4.3 percent, the Minneapolis market boasts the lowest unemployment rate in the U.S. among metropolitan areas with more than one million in population," said Andres Szita, Co-founder and Chairman of Ethika Investments. "We are very confident in our investment in this market and for the tremendous upside potential it creates on behalf of our investors."
"A multi-million renovation program will be implemented, including additional luxury amenities to upgrade the user experience and further position the asset as a premier destination for medical and related specialties," added Austin Khan, Chief Investment Officer of Ethika Investments.
With a population of 3.5 million, Minneapolis is the 16th largest metropolitan area in the U.S. It serves as headquarters to 19 Fortune 500 companies, including United Health, Medtronic, 3M, Target and General Mills. Minneapolis has consistently ranked among Forbes top markets for business over several years. The combination of a highly-educated population and diverse, stable economy correlates with projections for the city to be among the fastest growing metro areas in the U.S. over the next 20 years.
Woodlake Centre is located at 6625 Lyndale Avenue South, Richfield, MN 55423.
Ethika Investments is a real estate investment firm formed to provide investors access to a unique platform by tactically investing in opportunistic, value-added real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties.
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SOURCE Ethika Investments, LLC