Hempel Companies Acquires Multifamily Portfolio From Highland Management For $26.5M In Richfield

The transaction involved a portfolio purchase consisting of four multifamily properties located at 1306 78th Street East, 50 78th Street West, 7500 Cedar Avenue South, and 1306 East 78th Street in Richfield, MN. The sale was completed on August 28, 2025, for a total amount of $26,500,000, averaging $112,288 per unit across the 236 units included in the portfolio.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $26,500,000
• Buyer: Hempel Companies
• Seller: Highland Management
• Units: 236
• Price Per Unit: $112,288

The deal included the acquisition of the 104-unit New Orleans Court Apartments for $12 million, showcasing Hempel Companies' strategy of expanding their Class C workforce housing holdings in the Twin Cities. Highland Management facilitated the transaction, consolidating their portfolio through this sale.