W.M. Austin LLC Acquires Austin's Western Manor In Off-Market Deal For $2.85M

Austin's Western Manor, a 72-unit affordable apartment property located at 303 27th Street Southwest in Austin, Minnesota, has been sold in an off-market deal. The property was purchased by W.M. Austin LLC from MCB 5 Properties LLC for a total sales price of $2.85 million. The per-unit price for this transaction is $39,583.

Summary of Transaction Details

• Property Type: Multifamily
• Transaction Amount: $2,850,000
• Units: 72
• Price Per Unit: $39,583
• Date: 08/25/2023
• Market: Austin, Minnesota

The buyer, W.M. Austin LLC, acquired Austin's Western Manor in this off-market deal. The seller, MCB 5 Properties LLC, facilitated the transaction. Sam Steadman from RE/MAX acted as the broker representing both parties in the deal.

This sale price of $2.85 million results in a significantly lower per-unit price compared to the average in the Twin Cities metro area, which typically stands at $152,472 per unit. This lower price may provide an affordable housing option for residents in the area.