Shady Oak Crossing, a 75-unit apartment building at 4312 Shady Oak Road in Minnetonka, has changed hands for $19.75 million, landing squarely in the portfolio of St. Paul-based At Home Apartments. The three-story complex, finished in 2021, gives the company another newer suburban asset in a tight Twin Cities rental market and highlights how much buyers are still willing to pay for well-located apartments outside downtown Minneapolis.
Deal details
According to CoStar, At Home Apartments acquired Shady Oak Crossing from Ron Clark Construction & Design for $19.75 million, or about $263,333 per unit, in a transaction recorded in late December 2025. The sale confirms the 75-unit count at 4312 Shady Oak Road and drops a recently built, three-story property directly into At Home’s growing suburban holdings.
About the building
The Shady Oak Road redevelopment received city approval in 2020, and the three-story, 75-unit building wrapped up construction in 2021, according to the City of Minnetonka. At Home’s own community page for Shady Oak Crossing highlights a rooftop deck, fitness center and coffee bar, and lists the same Shady Oak Road address for leasing and contact information. Those perks, paired with underground parking and modern finishes, are part of what makes the property appealing to both renters and investors looking for newer suburban stock.
Why buyers were interested
In a recent "Just Sold" roundup, Finance & Commerce pegged the sale at $263,333 per unit, a level it noted sits well above the Twin Cities metro average, and reported that Northmarq brokers represented the seller. Dylan Steman of Northmarq told the outlet that “a Minnetonka address paired with 2021 construction is always going to attract attention,” and brokers pointed out that the buyer already owns similar assets nearby and plans to bolt this property onto its existing portfolio to capture operational efficiencies. Those factors helped Shady Oak Crossing draw competitive interest from buyers circling the west metro.
Local market takeaways
Local listings show two-bedroom units at Shady Oak Crossing renting in the low-to-mid $2,300s, a range that helps explain why investors were willing to pay a premium for newer construction in this pocket of Minnetonka. Zillow's community page for the property lists two-bedroom homes around $2,364 at the time of listing, and commercial property summaries put the site at roughly 1.6 acres. All in, the deal reinforces ongoing investor appetite for walkable suburban apartments that blend modern finishes with quick access to Highway 7 and nearby retail hubs.
