Sales rebound in Qt 1

MBG closed five sales transactions totaling more than $14 Million in the Minneapolis-St. Paul metro area and outstate.   Separate transactions include a total of 215 rental units with cap rates ranging from 7.7 to 11 percent. 

This sales activity is more than double what we experienced during the same period last year, says Tom Cooper, co-founder and broker.  “We’re definitely experiencing a more active multifamily market for qualified owners and investors with attractive interest rates and prices, and growing rental demand.” 

Closed transactions include small and mid-sized properties:

Woodlawn Terrace Apartments, located on Woodlawn Drive in Mounds View, was purchased for $5,815,000 by Pleasant Lake Properties, LLC.  The property is a three-story, seven building complex with 113 one- and two-bedroom units.  Brokers Tom Cooper and Harold Teasdale represented both parties in this transaction.  

University Apartments, located on University Avenue NE in Colombia Heights, was purchased for $485,000 by TL Apartments LLC.  The property, built in 1960, includes 11, one-bedroom apartments.  Broker Tom Cooper represented both parties in this transaction.

Hillside Apartments, located on 7th Street North in Sartell, sold for $3,480,000 to CPE Exchange LLC.  The complex consists of 8, two-story buildings with 96 rental units and detached garages.  Sales Associate Bill Cullen represented the seller and Broker Tom Cooper represented the buyer in this sale.

Skylight Gardens, located on First Street North in St. Cloud, was purchased for $2,200,000 by Skylight Gardens LLC.  This is a senior apartment community with 59 units and is a Class F Home Care Provider.  Broker Tom Cooper and Sales Associate Maddy Butler represented both parties in this transaction. 

Ashwood Ponds Apartments, located on Ashwood Road in Woodbury, sold for $2,170,000 to Sparkam LLC.  This affordable housing project includes 36, one-, two- & three-bedroom units with tuck-under and attached garages.  Brokers Tom Cooper & Harold Teasdale represented both parties in this transaction.