Significant demand sees 70 percent of the 151 newly available apartments leased just two months after opening, 100 percent of the existing 30,000 square feet of retail fully leased
Bloomington, MN – Just three years after Kelly Doran first welcomed residents to the Reserve at Arbor Lakes luxury gated apartment community in Maple Grove and some of his adjacent retail spaces at the Village at Arbor Lakes opened their doors, Doran Properties Group announced today it successfully opened the community’s third residential building, with nearly 70 percent of the new 151 apartments leased just two months after opening. Additionally, the company is nearly finished constructing 5,200 square feet of additional retail space on an adjacent site as the original 30,000 square feet it built and manages as part of the “Village at Arbor Lakes” is fully leased.
“We remain bullish on Maple Grove and this 40-acre development we broke ground on just four years ago,” said Kelly Doran, founder of Doran Properties Group. “I’m excited that after hundreds of millions of dollars in investment here, we are already breaking ground on our fourth residential building for the Reserve at Arbor Lakes, we are building out an additional retail building as the 30,000 square feet we developed, own and manage is at capacity – not to mention the more than 135,000 square feet of new developments on the site that include a Wahlburgers, Wings Financial Credit Union, Sleep Number and a Resident Inn/Spring Hill Suites hotel.”
The gated, luxury apartment community was the first of its kind to open in the Maple Grove area, situated adjacent to the bustling Arbor Lakes shopping area on a 40-acre greenfield site Kelly Doran had purchased in 2015 for mixed use development. With more than 80,000 square feet of amenity spaces at the time the Reserve at Arbor Lakes apartments first opened, including a 25,000 square foot clubhouse, two pools, two grand terraces and one residential building, the high-end apartment community has expanded to now include three distinct buildings, each with its own courtyard including an additional outdoor pool terrace in the third building. All buildings are connected to the main clubhouse via underground heated corridors. A fourth residential building with an additional 164 units now under construction will bring the total number of apartments and townhomes at the development to 693 by 2022.
“People in and around Maple Grove have an expectation of quality, spacious homes and resort-style living,” said Doran. “And we want to deliver our fourth building as quickly as possible to meet that demand.”
Doran Properties Group has also secured approval for 201 units of senior housing within the original 40-acre site. “With the Inverness, our name for the senior living project, my son Evan and I plan to raise the bar for senior living options,” said Doran. Initial planning is underway with an as-yet-unnamed partner.
About the Doran Properties Group
Doran Properties Group is a fully integrated, multigenerational development company based in Bloomington, Minnesota and led by Kelly Doran and son Evan Doran. With more than 35 years of combined experience in commercial real estate, the Dorans are widely recognized as leading developers in Minnesota and the Upper Midwest. Known for developing some of the most exclusive, high-end luxury apartment and townhome communities across the Twin Cities, they have developed everything from residential multi-family and student housing to retail shopping centers. Their current portfolio includes several high-end retail centers in the Twin Cities and more than 3,000 luxury apartment units, with a combined value of more than a billion dollars. Doran Properties Group has more than 160 employees specializing in development, construction and property management.