Updated Dec 18, 2025
Sterling Management Acquires 144-Unit Falcon Apartments In North Branch For $24.5M
5385 385th St
$24,500,000
Units
144
Asset Type
MultiFamily
Closing
Dec 17, 2025
About this deal
AI
The multifamily asset involved in this transaction is the 144-unit Falcon Apartments located at 5385 385th St in North Branch, MN. The property was sold for $24.5 million, reflecting a price per unit of approximately $170,139. Completed in 2023, this four-story structure is part of the North Branch market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,500,000
- Units: 144
- Price Per Unit: $170,139
- Buyer: Sterling Management
- Seller: Kuepers Inc
- Broker: Heidi Addo - Michel Commercial
The acquisition was executed through a 1031 exchange, and the ongoing property management will be handled by Prairie Lake Management. Michel Commercial Real Estate facilitated the transaction.
Players
North Branch 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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93