Shoreview Partners II LLC Acquires 240-Unit Multifamily Property From Bader Development For $36M

The property involved in this transaction is a 240-unit multifamily asset located at 577 Harriet Avenue, Shoreview, MN. It was sold for $36,000,000, equating to $150,000 per unit. The property, known as Shoreview Grand, was built in 1976 and carries assumable financing at a rate of 2.66% through November 2050.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $36,000,000
• Units: 240
• Price Per Unit: $150,000
• Buyer: Shoreview Partners II LLC
• Seller: Bader Development
• Brokers: Dylan Steman, Ted Bickel & Jeff Budish - NorthMarq

The sale was facilitated by NorthMarq, which arranged the financing for the transaction. The brokers representing the parties involved included Dylan Steman, Ted Bickel, and Jeff Budish, who played a pivotal role in closing the deal between Shoreview Partners II LLC and Bader Development.