$1.8 M Condo/Apartment Deal Closes
We are happy to announce the successful sale of an eighteen (18) unit multi-family condominium/apartment complex at 4076 Tower Street in St. Bonifacius, MN for $1,832,500, or, $124 PSF. The team of Peter Kordonowy and Andy Richards with Summerhill Commercial represented the Seller in this transaction SOS Properties, LLC, and Bill Modell with Rose Real estate represented the Buyer Doyle Property Group, LLC. The Buyer purchased this property as a multi-family investment to add to a growing portfolio of multi-family properties.
The property is located near the main street of downtown St. Bonifacius in a quiet residential area. The complex was set up as a condominium complex with (18) PIDs. Our client, the Seller, was able to assemble all (18) units starting back in the 2000s, which, once fully assembled, enabled it to work as an apartment/multi-family project. The property itself was on 1.055 acres, and (17) of the units were (2) bedroom units and (1) was a (1) bedroom. All the tenants paid for their own electrical and heat, and the Seller had recently replaced the roof, replaced the coin operated washers and dryers, replaced the water softener, and had done many other updates to the interior of the units. That being said, in a rising rents environment, most Buyers saw some upside potential in the current rents that were being charged, and Seller was aware rents could be increased, but, had decided to hold off on that, and sell the building instead. The complex had (21) exterior parking spots, on street parking, and each apartment had its own garage unit.
The property was brought to market at $1,750,000, however, interest far exceeded expectations, and, ultimately, Seller entered into a contract to sell at above asking price, with approximately (5) additional buyers in back up, all at, or above, the original asking price. Interest in this asset was very high, and we were able to successfully manage the process and get it under contract to sell above asking price with a strong buyer within about 1.5 weeks of bringing it to market. The transaction closed on March 15, 2022.
Our client thought the timing to sell was right, and, as our client primarily does office, retail, and industrial commercial real estate, the Seller felt it made sense to sell the property at this time, and, Seller was happy with the whole sale experience, and was happy with the successful closing. Buyer was happy to purchase the asset as well, and to be the winner on the deal.
If you, or someone you know, is looking to buy or sell a commercial property, give us a call at 952-473-5650, and we can help.
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