Eden Prairie, Minnesota, August 26, 2025
News Summary
A $55.62 million financing package has been arranged to build The Fox & The Grouse Phase II, a six-story, 188-unit apartment building in Eden Prairie’s Golden Triangle. The capital includes a $39.12 million construction loan and $16.50 million in joint-venture equity to support immediate construction. The development will feature a mix of studio to three-bedroom homes, with 25% of units reserved as affordable housing at 50% and 80% AMI. Planned amenities include an outdoor pool, wellness center, golf simulator and underground parking, and the site preserves over nine acres of wetlands and links to a future light rail station.
Major financing secured for new Eden Prairie apartment project
A combined $55.62 million financing package has been arranged to build The Fox & The Grouse Phase II, a 188-unit apartment building in the Golden Triangle neighborhood of Eden Prairie, Minnesota. The financing includes a three-year floating-rate loan and joint-venture equity to support immediate construction starting in August 2025.
What the financing covers
The deal brings together two pieces of capital. A construction loan of $39.12 million has been facilitated through a regional bank on a three-year, floating-rate basis. In addition, $16.50 million in joint-venture equity was sourced to partner on the project. The capital will fund the second phase of a larger transit-oriented development at 6901 Flying Cloud Drive.
Project basics and timeline
The new building will rise six stories and include a mix of studio, one-, two- and three-bedroom homes across roughly 167,312 square feet of rentable space. Groundbreaking is slated to begin in August 2025, with the development designed to connect directly to a new light rail station that is part of the Southwest Light Rail Transit Green Line Extension, scheduled to open in 2027.
Affordability and unit mix
One in four homes in the project will be set aside as affordable housing, with units targeted at households earning 50% and 80% of area median income (AMI). This equals 25% of the 188 units being designated to serve lower- and moderate-income renters, while the remainder will be market-rate.
Amenities, parking and site features
Planned building amenities are aimed at a suburban rental market and include an outdoor pool, a golf simulator, a club-quality wellness center, work-from-home spaces, a theater room, a club room, and a private dining area. The project will provide 263 parking stalls, equal to a parking ratio of 1.40 spaces per unit, and will include underground parking.
The development site contains more than nine acres of wetlands. Those open areas are being preserved and integrated into the site plan to give residents direct access to natural spaces and to buffer the new buildings from surrounding uses.
Design, transit link and location benefits
The project was designed by a local architecture firm experienced with multifamily work. It is part of a larger, transit-oriented development that will have a direct connection to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension. The light rail extension is planned to open in 2027, improving access to major employment centers including downtown Minneapolis, the University of Minnesota and the Minneapolis–Saint Paul International Airport.
Who is involved
The financing was arranged to support a sponsor team that includes regional developers. The advisory team that arranged the capital included multiple capital markets specialists who worked on representing the sponsor in this transaction. The construction loan was made through a regional bank, and the joint-venture equity came from an institutional real estate investor.
Why the timing matters
The project arrives as new light rail service is expected to improve transit access in southwest suburbs. It also aligns with a broader trend of more multifamily construction moving to suburban locations in the region, where demand has been supported by job centers and lower recent new-supply levels compared with some large Sun Belt markets.
Nearby market moves and context
Other recent apartment transactions and new developments in Eden Prairie show ongoing investor interest across a range of product types, from garden-style communities to midrise, transit-oriented projects. One nearby garden-style community that recently changed hands consists of 375 units and is slated for amenity and interior upgrades by its new owner, illustrating active buying and capital deployment in suburban Minneapolis neighborhoods.
Bottom line
The financing package clears the way for construction of a six-story, 188-unit building that combines market-rate and subsidized units, substantial amenity offerings, and direct rail access. With construction starting in August 2025, the development aims to deliver new housing options in a well-connected suburban employment corridor.
Frequently Asked Questions
What is The Fox & The Grouse Phase II?
It is a six-story, 188-unit multifamily building planned for the Golden Triangle area of Eden Prairie, designed as part of a larger transit-oriented development.
How much financing was secured?
A total of $55.62 million was arranged, made up of a $39.12 million construction loan and $16.50 million in joint-venture equity.
When will construction begin?
Groundbreaking is scheduled to start in August 2025.
How many affordable units will there be?
Twenty-five percent of the homes are designated as affordable, targeted at households earning 50% and 80% AMI.
What are some key amenities?
The project will include an outdoor pool, golf simulator, wellness center, work-from-home spaces, theater room, club room, private dining area, and underground parking.
Is the project connected to transit?
Yes. The development is part of a transit-oriented plan that will connect directly to the Golden Triangle Station on the Southwest Light Rail Transit Green Line Extension, which is scheduled to open in 2027.
Key features at a glance
| Feature | Detail |
|---|---|
| Project name | The Fox & The Grouse Phase II |
| Address | 6901 Flying Cloud Drive, Eden Prairie, MN |
| Units | 188 |
| Stories | 6 |
| Rentable area | 167,312 sq ft |
| Parking stalls | 263 |
| Parking ratio | 1.40 spaces per unit |
| Affordable share | 25% at 50% and 80% AMI |
| Construction loan | $39.12 million |
| Joint-venture equity | $16.50 million |
| Groundbreaking | August 2025 |
| Transit link | Direct connection to Golden Triangle Station on SWLRT Green Line Extension (opening 2027) |
| Site features | Over nine acres of wetlands integrated into the site |
| Amenities (selected) | Outdoor pool, golf simulator, wellness center, theater, work-from-home spaces, private dining |
| Design | Designed by a regional architecture firm experienced in multifamily projects |
Information in this article summarizes financing and project details for a planned multifamily development in Eden Prairie based on publicly disclosed transaction facts and project plans.
Deeper Dive: News & Info About This Topic
Additional Resources
- YieldPro: The Fox & The Grouse Phase II
- Wikipedia: Eden Prairie, Minnesota
- Multihousing News: FPA Multifamily Acquires in Minnesota
- Google Search: FPA multifamily acquires Minnesota
- ReBusiness Online: Redwood Capital Group acquires 375-unit in Eden Prairie
- Google Scholar: Redwood Capital Group Eden Prairie acquisition
- Multifamily Dive: Redwood makes $43M acquisition in Minneapolis suburb
- Encyclopedia Britannica: Minneapolis
- TwinCities: Does Eden Prairie have the right level of affordable housing?
- Google News: Eden Prairie affordable housing
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