Assaf Arie Of Lion Rock Properties Acquires Birmingham Street Multifamily For $10M

The multifamily property located at 250-273 Birmingham Street in Saint Paul, Minnesota was sold for $10 million. The nine-building complex, now known as Edgbaston Meadows, was acquired by Lion Rock Properties. The deal consisted of 149 units, resulting in a price per unit of $67,114.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $10,000,000
• Address: 250-273 Birmingham Street
• Market: Saint Paul, Minnesota
• Buyer: Assaf Arie - Lion Rock Properties
• Seller: Pro One Management
• Brokers: Erin Salway, Lance Steiger & Robert Dulin - Cushman & Wakefield
• Units: 149
• Price Per Unit: $67,114

Lion Rock Properties' CEO, Assaf Arie, highlighted the significance of the acquisition of Edgbaston Meadows. This purchase comes after a previous offer two years ago that was $2 million higher. Arie expressed plans to renovate the property, emphasizing the need for renovations due to its deferred maintenance.