Updated Dec 4, 2024
Bigos Management Acquires Zelia On Seven Multifamily In Saint Louis Park For $33.25M
5909 Minnesota State Highway 7 & 5855 Minnesota State Highway 7
$33,250,000
Units
217
Asset Type
MultiFamily
Closing
Jan 9, 2024
About this deal
AI
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.
Minneapolis 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
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93