Updated Dec 4, 2024
Soleil Properties LLC Sells 41-Unit Soleil Apartments In Minneapolis For $3 Million
1425 Lasalle Avenue
$3,000,000
Units
41
Asset Type
MultiFamily
Closing
Jul 25, 2024
About this deal
AI
The property involved in the transaction is Soleil Apartments, located at 1425 Lasalle Avenue, Minneapolis, MN. The multifamily asset consists of 41 apartment units and an additional retail unit that is leased until 2029. The sale price for the property was $3,000,000, resulting in a price per unit of $73,171.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,000,000
- Units: 41
- Price Per Unit: $73,171
- Seller: Soleil Properties LLC
- Brokers: Abe Roberts, Jon Ruzicka & Michael Jacobs - Marcus & Millichap
- Market: Minneapolis, MN
- Retail Lease Expiration: 2029
The transaction was facilitated by Marcus & Millichap, with Michael Jacobs and Abe Roberts representing the seller, Soleil Properties LLC. Jon Ruzicka assisted in the transaction, and the buyer acquired the property through a contract for deed arrangement.
On the Map
$3,000,000
MultiFamily
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Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93