Berkadia Closes Sale of Two Minnesota Multifamily Properties
- Jun 30, 2016
The transaction was facilitated by Berkadia’s team made up of David Gaines, senior director, and William Ryan, associate director, both with the firm’s Chicago office. The properties—Goldenstar Apartments and Sun Place Apartments—were completely occupied at the time of sale, which closed on June 7.
“What’s interesting about this sale is the attention the two properties received from a national pool of buyers, which resulted in 80 registered bidders and 13 qualified offers,” Gaines said in prepared remarks. “As improving operations and the low cost of borrowing drive competition and lift prices in the Minneapolis-St. Paul market, we are seeing a trend of yield-seeking investors moving farther from the metro core in order to acquire properties like these that meet their target returns.”
Built in 1966, Goldenstar Apartments is located at 321 Larpenteur Ave. E., in Maplewood. The community includes 109 units and offers one- and two-bedroom floor plans ranging from 670 to 910 square feet. The apartments feature air conditioning, ceiling fans, private garages and spacious closets. Community amenities include a playground, on-site management with 24-hour emergency maintenance, an outdoor pool with sundeck and a private courtyard.
Sun Place Apartments is located at 1721 Marion St., in Roseville. The 30-unit community was built in 1971 and offers two expansive floor plans with one- and two-bedroom units ranging from 715 to 850 square feet. Units feature private garages, walk-in closets, lighted ceiling fans, air conditioning and window treatments. Amenities include a barbecue area, on-site management and 24-hour emergency maintenance.
Both properties are centrally located in the acclaimed Roseville school district, providing convenient access to public transportation and Interstate 35. Major employers in the area include Medtronic, the University of Minnesota, the 3M Co., Land O’Lakes and St. John’s Hospital.
Image courtesy of Berkadia