MINNEAPOLIS, MN - Sales of area multifamily properties are one of the few bright spots in an otherwise slow market. The latest large complex to change hands was Stonehill Apartments in Plymouth, sold for about $22.6 million earlier this month to Minneapolis-based Stuart Co. The Twin Cities office of CB Richard Ellis handled the sale for Edina-based Ron Clark Construction, which built the 225-unit complex in 1987.
Stuart owns and manages about 4,900 apartment units in Minnesota, Wisconsin and Nebraska, including about 4,100 in the Twin Cities area, according to president and CEO Lisa Moe. She said Stonehill's luxury apartments complement two other complexes the company has in Plymouth that are aimed at middle-market tenants. Stonehill's amenities include underground parking, concierge service, a 24-hour fitness center, nearby walking trails and gas fireplaces in some units. Monthly rents range from $830 to $1,455, according to Stuart's website.
MMA Financial financed the transaction, which required some creativity to assemble. The deal featured an eight-month guarantee from the seller that Stonehill's rental revenue wouldn't dip below a certain threshold.
Source: StarTribune.com