Rendering of The Fox & The Grouse Phase II showing the midrise apartments, integrated wetlands and planned pool.
Eden Prairie, Minnesota, August 26, 2025
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.
Financial backers have provided $55.62 million to fund construction and joint‑venture equity for The Fox & The Grouse Phase II, a new 188‑unit multifamily development in the Golden Triangle neighborhood of Eden Prairie, Minnesota. The deal clears the way for immediate ground preparation, with construction slated to begin in August 2025.
The capital stack includes a $39.12 million three‑year, floating‑rate construction loan arranged through MidWestOne Bank and $16.50 million of joint‑venture equity from Amstar Group. JLL Capital Markets acted on behalf of the project sponsor, a partnership between Greco and Eagle Ridge Partners, securing both the debt and the equity portions of the transaction.
Located at 6901 Flying Cloud Dr., The Fox & The Grouse Phase II will rise six stories and deliver a mix of studio, one‑, two‑ and three‑bedroom homes. The development features 167,312 square feet of rentable space and will offer 263 parking stalls, yielding a parking ratio of 1.40 spaces per unit. Construction is set to start in August 2025.
One quarter of the homes, or 25% of units, will be designated as affordable at income targets of 50% and 80% area median income (AMI), positioning the project to serve a range of household incomes in the suburban market.
The amenity program is designed to support both active and at‑home lifestyles. Planned offerings include an outdoor pool, a golf simulator, a club‑quality wellness center, dedicated work‑from‑home spaces, a theater room, a club room, a private dining area and underground parking. The site includes more than nine acres of wetlands intended to create natural open space and a stronger connection between residents and the environment.
Phase II is the second phase of a broader transit‑oriented development and will be directly connected to the Golden Triangle Station on the Southwest Light Rail Transit (SWLRT) Green Line Extension, which is scheduled to open in 2027. The location provides access to major employment centers, including Downtown Minneapolis, the University of Minnesota and Minneapolis‑Saint Paul International Airport, and sits within a regional innovation district that hosts hundreds of companies and thousands of employees.
The project was designed by BKV Group. JLL Capital Markets led advisory work for the sponsor and assigned a transaction team to represent the client in arranging equity and debt. The lender and equity partner were sourced and coordinated to enable a near‑term start to construction.
The development joins a wave of suburban multifamily activity in the Twin Cities, where recent transactions and acquisitions have underscored investor interest in well‑located, transit‑adjacent suburban projects. Nearby activity includes recent acquisitions and planned renovations at garden‑style communities in Eden Prairie, highlighting investor appetite for suburban rentals with strong access to transportation corridors and employment centers.
With financing in place and site work planned to begin in August 2025, the next 12–24 months will focus on construction milestones, amenity delivery and coordination with transit opening schedules. The project aims to deliver new housing options, including preserved affordable units, while anchoring the second phase of a growing transit‑oriented neighborhood.
The total financing package is $55.62 million, made up of a $39.12 million construction loan from MidWestOne Bank and $16.50 million of joint‑venture equity provided by Amstar Group.
The project will deliver 188 units across studios, one‑, two‑ and three‑bedroom apartments.
25% of the homes are designated as affordable at 50% and 80% AMI.
Groundbreaking is planned for August 2025, and the building will be six stories tall.
The development is part of a transit‑oriented plan and will be directly connected to the Golden Triangle Station on the SWLRT Green Line Extension, scheduled to open in 2027.
Amenities include an outdoor pool, golf simulator, wellness center, work‑from‑home spaces, theater room, club room, private dining and underground parking. The site provides 263 parking stalls (about 1.40 spaces per unit).
The project design was prepared by BKV Group.
The project reflects growing suburban multifamily investment and transit‑adjacent development in the region, driven by accessibility to employment centers and increased investor activity in suburban pipelines.
| Feature | Detail |
|---|---|
| Project name | The Fox & The Grouse Phase II |
| Address | 6901 Flying Cloud Dr., Eden Prairie, MN |
| Total financing | $55.62 million (debt + JV equity) |
| Construction loan | $39.12 million, three-year, floating-rate (MidWestOne Bank) |
| JV equity | $16.50 million (Amstar Group) |
| Units | 188 (studio to three-bedroom) |
| Affordable units | 25% at 50% and 80% AMI |
| Rentable area | 167,312 sq ft |
| Parking | 263 stalls (1.40 spaces/unit), includes underground parking |
| Amenities | Outdoor pool, golf simulator, wellness center, work-from-home spaces, theater room, club room, private dining |
| Site features | Over nine acres of wetlands |
| Design | BKV Group |
| Transit link | Direct connection to Golden Triangle Station on SWLRT Green Line Extension (opening 2027) |
| Construction start | August 2025 |
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