Updated Jan 29, 2026
Irving Properties Acquires 23-Unit Santiago Apartments From MBR Investments For $2.6M In Minneapolis
516 Southeast University Avenue
$2,600,000
Units
23
Asset Type
MultiFamily
Closing
Jan 29, 2026
About this deal
AI
The 516 Southeast University Avenue property in Minneapolis, MN, features 23 multifamily units and has been sold for a transaction amount of $2,600,000, resulting in a price per unit of $113,043.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,600,000
- Units: 23
- Buyer: Irving Properties
- Seller: MBR Investments
- Brokers: Abe Roberts & Michael Jacobs - Marcus & Millichap
Abe Roberts and Michael Jacobs of Marcus & Millichap represented MBR Investments in the sale, successfully procuring the buyer, an entity related to Irving Properties.
Players
Minneapolis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.10%
Cash-on-Cash
-1.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93