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Bigos Management Acquires Zelia On Seven Multifamily In Saint Louis Park For $33.25M

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SOLD
$33,250,000

Minnesota

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MultiFamily
Sold 01/09/2024
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Property Image
SOLD

Bigos Management Acquires Zelia On Seven Multifamily In Saint Louis Park For $33.25M

5909 Minnesota State Highway 7 & 5855 Minnesota State Highway 7

See Similar Deals
MultiFamily
Sold 01/09/2024
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Sale

The St. Louis Park affordable housing community, formerly known as Via Sol, has been sold to Bigos Management for $33.25 million. The property, now called Zelia on Seven, is located at 5909 & 5855 Minnesota State Highway 7 in Saint Louis Park, MN. It consists of 217 units along the Southwest Light Rail Transit corridor.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $33,250,000
  • Units: 217
  • Price Per Unit (PPU): $153,226

Ted Bigos of Bigos Management acted as the buyer in this transaction. The seller, Chris Velasco, represented PLACE E-Generation One LLC.

This acquisition by Bigos Management took place after the property went into receivership, allowing the buyer to purchase the asset at a discounted price of $153,225 per unit. This acquisition addressed the financial challenges and delays faced by the original developer, PLACE E-Generation One LLC.

Players

TB
Ted Bigos
2 deals$153.3M volume
BUYER

Details

SOLD
IMAGE: Chris Velasco & Ted Bigos DATE: 01/09/2024 ADDRESS: 5909 & 5855 Minnesota State Highway 7 MARKET: Saint Louis Park, MN ASSET TYPE: Multifamily BUYER: Ted Bigos - Bigos Management (@BigosManagement) SELLER: Chris Velasco - PLACE E-Generation One LLC SALE PRICE: $33,250,000 UNITS: 217 ~ PPU: $153,226 NOTE: Bigos Management acquired the St. Louis Park affordable housing community, formerly Via Sol, for $33.25 million after it went into receivership. The property, now Zelia on Seven, comprising 217 units along the Southwest Light Rail Transit corridor, was purchased at a steep discount of $153,225 per unit, addressing financial challenges and delays faced by the original developer, PLACE E-Generation One LLC.

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

$1,773,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$118,130.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$157,621.96
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