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Sterling Management Acquires 144-Unit Falcon Apartments In North Branch For $24.5M

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SOLD
$24,500,000

Minnesota

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MultiFamily
Sold 12/17/2025
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Property Image
SOLD

Sterling Management Acquires 144-Unit Falcon Apartments In North Branch For $24.5M

5385 385th St

See Similar Deals
MultiFamily
Sold 12/17/2025
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

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

Heidi Addo
Michel Commercial
Heidi Addo
11 deals$157.3M volume(612) 805-5023
BROKER

Details

SOLD
IMAGE: 12/17/2025 ADDRESS: 5385 385th St MARKET: North Branch, MN ASSET TYPE: Multifamily BUYER: Sterling Management SELLER: Kuepers Inc BROKER: Heidi Addo - Michel Commercial SALE PRICE: $24,500,000 UNITS: 144 ~ PPU: $170,139 NOTE: Sterling Management acquired the 144-unit Falcon Apartments at 5385 385th St. in North Branch, Minn., from Kuepers Inc. for $24.5M in a 1031 exchange, with Michel Commercial Real Estate arranging the sale. Completed in 2023, the four-story multifamily property trades at roughly $170K per unit and will continue to be managed by Prairie Lake Management.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

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