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Tablerock Capital Purchases Multifamily Properties In Anoka And Coon Rapids For $23.05M

Property Image
SOLD
$23,050,000
Jeff Irish
Jeff Kunitz

Minnesota

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MultiFamily
Sold 10/24/2024
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Property Image
SOLD

Tablerock Capital Purchases Multifamily Properties In Anoka And Coon Rapids For $23.05M

2614 Cutters Grove Avenue & 9900 Redwood Street Northwest

See Similar Deals
MultiFamily
Sold 10/24/2024
Jeff Irish
Jeff Kunitz
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involves the sale of a multifamily property consisting of 158 units located at 2614 Cutters Grove Avenue & 9900 Redwood Street Northwest in Anoka and Coon Rapids, MN. The sale price was $23,050,000, which results in a price per unit of $145,886.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $23,050,000
  • Buyer: Tablerock Capital
  • Seller: Michael Voss - Dominium
  • Brokers: Jeff Irish - Berkadia & Jeff Kunitz - CBRE
  • Units: 158
  • Price Per Unit: $145,886

Dominium has previously sold Woodland Park in Anoka for $13.25 million and Tralee Terrace in Coon Rapids for $9.8 million to Utah-based Tablerock Capital. Both properties are part of the Low-Income Housing Tax Credit program and will maintain their affordability until at least January 2026.

Players

Jeff Kunitz
CBRE
Jeff Kunitz
7 deals$498.8M volume
BROKER
Jeff Irish
Berkadia
Jeff Irish
2 deals$62.2M volume
BROKER

Details

SOLD
IMAGE: 10/24/2024 ADDRESS: 2614 Cutters Grove Avenue & 9900 Redwood Street Northwest MARKET: Anoka & Coon Rapids, MN ASSET TYPE: Multifamily BUYER: Tablerock Capital SELLER: Michael Voss - Dominium BROKERS: Jeff Irish - Berkadia & Jeff Kunitz - CBRE SALE PRICE: $23,050,000 UNITS: 158 ~ PPU: $145,886 NOTE: Dominium has sold Woodland Park in Anoka for $13.25 million and Tralee Terrace in Coon Rapids for $9.8 million, totaling $23 million, to Utah-based Tablerock Capital. Both properties, part of the Low-Income Housing Tax Credit program, will maintain their affordability until at least January 2026, according to Dominium.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,229,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$81,891.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,268.76
Annual Debt Service$1,311,225.11