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John Kinzelberg Of Highgate Capital Group Acquires Burlington Apartments In Saint Paul For $64.3M

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SOLD
$64,300,000

Minnesota

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John Kinzelberg Of Highgate Capital Group Acquires Burlington Apartments In Saint Paul For $64.3M

1180 Cushing Circle

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MultiFamily
Sold
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

The property involved in this transaction is a multifamily asset located at 1180 Cushing Circle, Saint Paul, MN. The sale price for this property was $64,300,000, which represents a cost of approximately $146,804 per unit for the 438 residential units it contains.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $64,300,000
  • Address: 1180 Cushing Circle
  • Market: Saint Paul, MN
  • Units: 438
  • Price Per Unit: $146,804
  • Seller: White Oaks Properties
  • Buyer: John Kinzelberg - Highgate Capital Group

John Kinzelberg, representing Highgate Capital Group, executed this transaction, which includes assuming the property's mortgage. The financing details involved an $11.67 million downpayment with an interest rate of 3.78% and a 4.3% vacancy rate.

Players

JK
Highgate Capital Group
John Kinzelberg
2 deals$92.3M volume
BUYER
Highgate Capital Group
Highgate Capital Group
BUYER

Details

SOLD
IMAGE: John Kinzelberg DATE: 02/03/2026 ADDRESS: 1180 Cushing Circle MARKET: Saint Paul, MN ASSET TYPE: Multifamily BUYER: John Kinzelberg - Highgate Capital Group SELLER: White Oaks Properties SALE PRICE: $64,300,000 UNITS: 438 ~ PPU: $146,804 NOTE: Highgate Capital Group purchased the 438-unit Burlington Apartments in St. Paul for $64.3M, marking its first acquisition in the Twin Cities and a more than 20% drop from the 2019 sale price. The deal included assuming the property’s mortgage with an $11.67M downpayment, a 3.78% interest rate, and a 4.3% vacancy rate, at roughly $146,803 per unit.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,429,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$228,444.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$304,814.80
Annual Debt Service$3,657,777.65