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Lion Rock Properties Acquires 88-Unit Grandview Terrace In Mound Minnesota For $9.8 Million

Property Image
SOLD
$9,800,000
Abe Appert
Keith Collins
Ted Abramson

Minnesota

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MultiFamily
Sold 10/29/2024
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Property Image
SOLD

Lion Rock Properties Acquires 88-Unit Grandview Terrace In Mound Minnesota For $9.8 Million

5600 Grandview Boulevard

See Similar Deals
MultiFamily
Sold 10/29/2024
Abe Appert
Keith Collins
Ted Abramson
the dealplayerscompscontact
Contact now

Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved the sale of Grandview Terrace, an 88-unit multifamily property located at 5600 Grandview Boulevard in Mound, MN. The property changed hands for $9,800,000, resulting in a price per unit of $111,364.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $9,800,000
  • Units: 88
  • Price Per Unit: $111,364
  • Market: Mound, MN
  • Seller: IPG
  • Buyer: Lion Rock Properties
  • Brokers: Abe Appert, Keith Collins & Ted Abramson - CBRE

CBRE arranged the sale and represented the seller, with the brokers indicating that investors were attracted to the property's proximity to various local amenities and the potential for renovations.

Players

Abe Appert
CBRE
Abe Appert
12 deals$654.1M volume(952) 924-4694
BROKER
Keith Collins
CBRE
Keith Collins
13 deals$661M volume(952) 924-4654
BROKER
Ted Abramson
CBRE
Ted Abramson
14 deals$677.2M volume(952) 924-4881
BROKER

Details

SOLD
IMAGE: 10/29/2024 ADDRESS: 5600 Grandview Boulevard MARKET: Mound, MN ASSET TYPE: MultiFamily BROKERS: Abe Appert, Keith Collins & Ted Abramson - CBRE SALE PRICE: $9,800,000 UNITS: 88 ~ PPU: $111,364 NOTE: CBRE arranged the $9.8 million sale of Grandview Terrace, an 88-unit multifamily property in Mound, MN, to Lion Rock Properties. CBRE’s Ted Abramson, Abe Appert, and Keith Collins represented the seller, IPG, with investors drawn to the property’s proximity to local amenities and potential for renovations.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$522,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$34,817.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$46,457.00
Annual Debt Service$557,484.00