Highland Management Group Acquires Minnetonka Edgewater Luxury Apartments From MTK Properties For $20.4M

The property asset involved in the transaction is an 82-unit multifamily property located at 4177 Shoreline Drive in Spring Park, MN. It was sold for $20,400,000, which equates to approximately $248,780 per unit. The property, known as Minnetonka Edgewater Luxury Apartments, was originally built in 1957 and underwent renovations in 2015. The lakefront community includes 16 boat slips and features luxury finishes. The acquisition was made through an assumed mortgage as part of a 1031 exchange.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $20,400,000
• Units: 82
• Price Per Unit: $248,780
• Buyer: Highland Management Group
• Seller: Mark Kozikowski - MTK Properties
• Broker: Heidi Addo - Michel Commercial

The transaction was facilitated by Heidi Addo from Michel Commercial, who represented the buyer in this deal. The seller of the property is Mark Kozikowski from MTK Properties, an entity aligned with the seller's interests, which adds to the complexity and dynamics of the transaction.