FPA Multifamily Acquires 107-Unit Wayzata Woods Apartments From Investment Property Group For $16.25M

The asset involved in this transaction is the Wayzata Woods apartments, a multifamily property located at 240 Central Avenue North, Wayzata, MN. The property consists of 107 units, and it was sold for a total of $16,250,000, which equates to $151,869 per unit. The apartment complex was built in 1965 and is currently 98% occupied.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $16,250,000
• Address: 240 Central Avenue North
• Market: Wayzata, MN
• Units: 107
• Price Per Unit (PPU): $151,869
• Buyer: FPA Multifamily
• Seller: Investment Property Group
• Brokers: Abe Appert, Keith Collins & Ted Abramson - CBRE

This transaction was facilitated by FPA Multifamily, which acquired the property through Trinity Property Consultants. The sale reflects a 1.5% decrease in price compared to its previous sale in 2018, further highlighting the market dynamics influencing the deal. The brokerage firm CBRE played a pivotal role in negotiating and closing the transaction.