Editor’s note: “Just Sold” is a Finance & Commerce feature based on the newest certificates of real estate value filed with the Minnesota Department of Revenue for commercial sales throughout Minnesota and reports of sales across the country involving local parties. Research includes company and broker documents, online real estate listings, F&C archives, Catylist and other research.
Minneapolis-based
Kentaurus Capital and the Minneapolis office of Chicago-based
Midloch Investment Partners have teamed to pay $7.15 million for Shalimar Estates, a 48-unit townhome rental property in Burnsville.
Their joint venture, Triton Burnsville LLC, closed May 30 on the acquisition from Shalimar Estates LP, an entity related to its original developer,
Gaughan Cos. in Forest Lake.
Gaughan built the market-rate complex in 1986 on 1.5 acres at 13300-13344 Parkwood Drive and completed a major renovation in 2013. All units have three-bedroom, two-bath floor plans and attached two-car garages. The property was 96% occupied at closing.
The price works out to $148,958 per unit. The average sales price per unit for apartments in the Twin Cities metro area is $153,693, according to the Finance & Commerce
Apartment Sales Tracker at finance-commerce.com. The tracker has recorded the sale of 86,491 apartment units since Aug. 31, 2011.
Ben Bastian of CBRE’s Minneapolis office introduced the joint venture partners and worked with them on financing through Freddie Mac’s SBL program.
EIG Property Management, Kentaurus’ affiliate management company, will take over as property manager. Kentaurus and EIG own and operate more than 1,300 units in the Twin Cities.
“We are excited to implement our strategic capital improvement plan to better position the asset in the market,” Alex Eaton, Kentaurus president & CEO, said in the announcement. The focus of our capital improvements will be on updating unit interiors. We were attracted to this property due to the significant exterior renovations. It is obvious that the seller had a lot of pride of ownership.”
“We’re excited to partner with Kentaurus to acquire and improve a quality multifamily rental property in the Twin Cities metro. We love large-floorplan units and the market need they meet for families,” said Andy Sinclair, Midloch CEO & principal, in a prepared statement.
Brady DeVore, director of development for Kentaurus, called townhomes a good addition to traditional apartment portfolios. In December,
he closed on the $9.6 million acquisition of Eagan Gables Townhomes , a 35-unit complex at 861 Westcott Square in Eagan.
“This acquisition has a lot of parallels with our 2023 purchase of Eagan Gables Townhomes, he said. “We are seeing significant demand for the larger floor plan units, which were seemingly undersupplied in the last development cycle.”
Place: 13300-13344 Parkwood Drive, Burnsville
Price: $7.15 million; no down payment listed; $148,958 per unit
Buyer: Triton Burnsville LLC, Burnsville
Seller: Shalimar Estates LP, Forest Lake
Date: 5-30-24
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Goodwill buys its St. Louis Park store building
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A decade after opening its St. Louis Park store, St. Paul-based
Goodwill/Easter Seals Minnesota has shifted from tenant to owner.
Goodwill Easter Seals Real Estate LLC paid $4.8 million in cash for the 17,600-square-footretail store built in 2013 at 3575 S. Highway 100. Minnetonka-based developer
Oppidan Investment Co. built the store on a site that once housed the Planet Ford car dealership, which closed in 2006. Oppidan sold the store to a private family investment group now the seller for $4.385 million in cash.
The St. Louis Park store was part of a wave of expansion that increased Goodwill’s presence to nearly three dozen locations.
Goodwill COO Jeff Uecker said Goodwill has proven a strong retailer. The nonprofit now has 44 stores and three outlet locations, generating over $133 million in revenue in 2023.?It owns eight stores and one outlet and leases the rest.
Place: 3575 S. Highway 100, St. Louis Park
Price: $4.8 million; cash; $272.73 per square foot
Buyer: Goodwill Easter Seals Real Estate LLC, St. Paul
Seller: GDW100, LLC, Bloomington
Date: 5-22-24
Download CRV RELATED: Just Sold: Rental townhomes in Eagan draw $9.6M Millennium Management buys Forest Lake multifamily Just Sold: Eden Prairie flex building draws $6.8M Just Sold: Mankato Goodwill draws nearly $5M Copyright © 2024 BridgeTower Media. All Rights Reserved.
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