(Read more on the multifamily market.)

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MINNEAPOLIS-United Properties Residential has purchased two landparcels to build new Applewood Pointe cooperatives for seniorcitizens. The buildings are going up in Roseville andMinnetonka.

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The company plans to build a four-story, 61-unit cooperative on3 acres in Minnetonka at Rowland Road and Lone Lake Park. Plans forthe property include a trail on adjacent city land to expand theexisting park trail system. Construction will start next summer,according to a company statement. A United Propertiesrepresentative could not be reached for comment.

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Roseville is getting its second Applewood cooperative, as thecompany also developed another five-story co-op on 13-acre at 1480Applewood Court near Snelling Avenue and County Road C2. This newproperty will be a four-story, 95-unit building at the corner ofBrenner and Cleveland avenues. This property is also near a park,with direct access to Langton Lake Park. Construction will start onthis property in early 2009.

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Amenities at the planned co-ops include garden plots, walkingpaths, heated underground parking with a car-wash bay, a two-storyentrance lobby, a fitness area, library and a game room. Costs forunits vary, with a unit in the now-open Applewood property inRoseville for sale for $143,311, with a payment of $444 per month.Other Applewood properties in the Twin Cities area are inBloomington, Maple Grove, New Brighton, Roseville and Woodbury.

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