Makado Acquires Multifamily Portfolio In Richfield From Lighthouse Management For $15.1M

The asset involved in this transaction is a multifamily property located at 600 West 64th Street and 6345 Lyndale Avenue South in Richfield, MN. The sale occurred at a price of $15,100,000, encompassing a total of 104 units, which corresponds to a price per unit of $145,192. The portfolio includes the 82-unit Riley and the 22-unit Richlyn, both recently renovated but facing challenges in meeting initial rent projections due to increased local supply.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $15,100,000
• Buyer: Makado
• Seller: Lighthouse Management
• Units: 104
• Price Per Unit: $145,192
• Brokers: Ted Bickel, Dylan Steman & Jeff Budish - NorthMarq

The transaction involved Makado, a Minneapolis-based developer, acquiring the properties from Lighthouse Management, which acted as the receiver. This deal highlights the competitive nature of the local rental market and the strategic movements by developers in the region.