Zurich Alternative Asset Management Purchases 140-Unit Multifamily Property From Magellan Development Group For $29.97M

The asset involved in the transaction is a multifamily property located at 20 6th Street Northwest in Osseo, MN. The property features 140 units and was sold for $29,970,000, translating to a price per unit of $214,071. This property was acquired by Magellan Development Group for $28.2 million in 2018 and represents a strategic sale following a hold period.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,970,000
• Units: 140
• Price Per Unit: $214,071
• Buyer: Zurich Alternative Asset Management
• Seller: Magellan Development Group
• Sale Date: 03/04/2025

The deal was facilitated with Zurich Alternative Asset Management purchasing the property from Magellan Development Group. This transaction reflects a continued interest in the multifamily market within the Osseo area.