Just Sold: Birmingham Apartments sell for $10M

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.

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The 149-unit Birmingham Apartments in St. Paul have a new owner, new name and soon will have a new look.

An entity related to Lion Rock Properties in St. Louis Park has paid $10 million for the nine buildings, developed in 1950 at 250-273 Birmingham St. The private 1031 exchange sale closed May 16.

Edgbaston Meadows LLC acquired the property from Pleasantville LLC, an entity related to longtime owner Pro One Management in Minneapolis. Pro One was represented by Robert Dulin and Lance Steiger, directors, and Erin Salway, senior brokerage coordinator, in the multifamily advisory team in the Bloomington office of Cushman Wakefield.

Lion Rock CEO Assaf Arie said that he had considered buying the property a couple of years ago but that the price was $2 million higher. His patience paid off. Now the new owners are changing the name to Edgbaston Meadows and planning renovations.

“It has a lot of deferred maintenance,” he said. The affordable housing property includes studios and one-, two- and three-bedroom units, with rents that average 30% of the renter’s household income.



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The sale price works out to $67,282 per unit. The average sale 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 86,461 apartment units since Aug. 31, 2011.

Place: 250-273 Birmingham St., St. Paul

Price: $10,025,000; cash; private sale; 1031 exchange; $67,282 per unit

Buyer: Edgbaston Meadows LLC, St. Louis Park

Seller: Pleasantville LLC, Minneapolis

Date: 5-16-24

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