Minneapolis-based Schafer Richardson has started moving dirt on a 237-unit apartment complex in Richfield after closing on the development site.
Rya Apartments LLC, an entity related to Schafer Richardson, paid $4.65 million for the site at 6300 and 6400 Richfield Parkway, according to a certificate of real estate value made public in late March. The seller is CPII Development LLC of Golden Valley.
Schafer Richardson said in a press release that the Rya at RF64 project includes two buildings with one level of underground parking and four stories of market-rate apartments in each building. The apartments range in size from studios to three bedrooms.