Four Kids Cardinal Pines LLC Acquires Cardinal Pines Apartments In Staples For $10.9M

The Cardinal Pines Apartments is a multifamily asset located at 1720 Airport Road in Staples, MN. This recently constructed property features 68 units and was sold for $10,900,000, which equates to approximately $160,294 per unit. The sale reflects the competitive nature of the market, with a bidding process that attracted a substantial number of interested investors.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $10,900,000
• Units: 68
• Price Per Unit: $160,294
• Buyer: Four Kids Cardinal Pines LLC
• Seller: Staples Multi Family LLC
• Market: Staples, MN
• Brokerage: Steve Michel, Phil Reesnes, Peter Michel, Heidi Addo, Jesse Thurston & Ukee Dozier - Michel Commercial

This transaction involved an investment group that included INH, illustrating the high demand for apartment properties, particularly those built recently, as developers shift focus from new construction to acquisition of these assets. The competitive bidding process featured interest from over 22,000 targeted investors, which underscores the attractiveness of multifamily investments in the current market.